Whenever there is a conflict between universal principles and self-interest, self-interest is likely to prevail.

The dark comes before dawn. The financial markets are under great pressure because of the lack of leadership during the transition period.

When money is free, the rational lender will keep on lending until there is no one else to lend to.

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.

America felt victorious and generous after World War II. They had also learned from the mistakes after World War I when they imposed punishment on Germany. What became of Germany? A Nazi dictatorship which threatened the world. Today's Germany doesn't feel as prosperous and generous as America then. But actually, Germany still is very prosperous.

We are trying to make the world a better place, but that is not necessarily what we accomplish. Many of the problems which preoccupy us are basically insoluble.

It is credit that matters, not money (in other words, monetarism is a false ideology).