My main concern is with the world order

The prevailing wisdom is that markets are always right. I take the opposite position. I assume that markets are always wrong.

Bush's war in Iraq has done untold damage to the United States. It has impaired our military power and undermined the morale of our armed forces. Our troops were trained to project overwhelming power. They were not trained for occupation duties.

There is a resurgence of anti-Semitism in Europe. The policies of the Bush administration and the Sharon administration contribute to that. It's not specifically anti-Semitism, but it does manifest itself in anti-Semitism as well.

My sense of insecurity keeps me alert, always ready to correct my errors.

Every bubble has two components: something - some real trend, and a misconception about that trend.

The US needs a cap and trade system with auctioning of licenses for emissions rights. The revenues from these auctions can be used to launch a new, environmentally friendly energy policy. That would be yet another federal program that could help us to overcome the stagnation.