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

Misconceptions play a prominent role in my view of the world.

Just as the process of repealing national alcohol prohibition began with individual states repealing their own prohibition laws, so individual states must now take the initiative with respect to repealing marijuana prohibition laws.

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

Germany will always do the minimum to preserve the euro. Doing the minimum, though, will perpetuate the situation where the debtor countries in Europe have to pay tremendous premiums to refinance their debt. The result will be a Europe in which Germany is seen as an imperial power that will not be loved and admired by the rest of Europe - but hated and resisted, because it will perceived as an oppressive power.

My approach works not by making valid predictions but by allowing me to correct false ones.

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.