At times of recession, running a budget deficit is highly desirable. Once the economy begins to recover, you have to balance the budget. But it will also need additional revenues. Should the government not receive them, we will all get punished with higher interest rates.

Regulating and taxing marijuana would simultaneously save taxpayers billions of dollars in enforcement and incarceration costs, while providing many billions of dollars in revenue annually.

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

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

Globalization has rendered the world increasingly interdependent, but international politics is still based on the sovereignty of states.

Short term volatility is greatest at turning points and diminishes as a trend becomes established

I called gold the ultimate bubble, which means it may go higher. But it’s certainly not safe and it’s not going to last forever.