The worse a situation becomes the less it takes to turn it around, the bigger the upside.

The concept of a general equilibrium has no relevance to the real world (in other words, classical economics is an exercise in futility).

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.

I am not a Zionist, nor am I am a practicing Jew, but I have a great deal of sympathy for my fellow Jews and a deep concern for the survival of Israel.

By creating the European Central Bank, the member states exposed their own government bonds to the risk of default. Developed countries that issue bonds in their own currency never default, because they can always print money. Their currency may depreciate, but the risk of default is absent.

The reality is that financial markets are self-destabilizing; occasionally they tend toward disequilibrium, not equilibrium.

I think there's a lot of merit in an international economy and global markets, but they're not sufficient because markets don't look after social needs.