The concept of a general equilibrium has no relevance to the real world (in other words, classical economics is an exercise in futility).

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.

Markets are imperfect. So you do need regulation, knowing that the regulators are also human.

The trouble with institutional investors is that their performance is usually measured relative to their peer group and not by an absolute yardstick. This makes them trend followers by definition.

Outperforming the market with low volatility on a consistent basis is an impossibility. I outperformed the market for 30-odd years, but not with low volatility.

I am for maximum supervision and minimum regulation.

The sovereignty of states must be subordinated to international law and international institutions.