You could adjust the punishment to fit the infraction. Even a small fine would be enough to bring an errant government to heel.

As a society we can't live without moral considerations. We do have to protect the public good. And markets are not designed to do that, so we need a political process.

When a long-term trend loses it’s momentum, short-term volatility tends to rise. It is easy to see why that should be so: the trend-following crowd is disoriented.

It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong

The people currently in charge have forgotten the first principle of an open society, namely that we may be wrong and that there has to be free discussion. That it's possible to be opposed to the policies without being unpatriotic.

I am not well qualified to criticize the theory of rational expectations and the efficient market hypothesis because as a market participant I considered them so unrealistic that I never bothered to study them.

Markets can influence the events that they anticipate.