Playing by the rules, one does the best he can, irrespective of the social consequences. Whereas in making the rules, people ought to be concerned with the social consequences and not with their personal interests.

If the bubbles contain a misconception, as they always do, then it can't be maintained forever.

The global crisis is caused by pathologies inherent in the global financial system itself.

In politics, manipulating reality can take presidence over finding reality.

An open society calls itself open to improvement. It is based on the recognition that people have divergent views and interests, and that nobody is in possession of the ultimate truth.

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

The generally accepted view is that markets are always right -- that is, market prices tend to discount future developments accurately even when it is unclear what those developments are. I start with the opposite view. I believe the market prices are always wrong in the sense that they present a biased view of the future.