Bush's war in Iraq has done untold damage to the United States. It has impaired our military power and undermined the morale of our armed forces. Our troops were trained to project overwhelming power. They were not trained for occupation duties.

Sometimes time actually works against you if you refuse to face the relevant issues and explain to the public what is at stake.

I put forward a pretty general theory that financial markets are intrinsically unstable. That we really have a false picture when we think about markets tending towards equilibrium.

If we care about universal principles such as freedom, democracy and the rule of law, we cannot leave them to the care of market forces; we must establish some other institutions to safeguard them.

The ultimate asset bubble is gold.

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

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