The main obstacle to a stable and just world order is the United States.

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.

In the case of a meltdown, the regulatory authorities may find themselves obliged to step in to preserve the integrity of the system. It is in that light that the authorities have both a right and an obligation to supervise and regulate derivative instruments.

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.

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.

American supremacy is the greatest threat to the world today.

The securitisation of mortgages added a new dimension of systemic risk. Financial engineers claimed they were reducing risks through geographic diversification: in fact they were increasing them by creating an agency problem. The agents were more interested in maximising fee income than in protecting the interests of bondholders. That is the verity that was ignored by regulators and market participants alike.