The City of London and Wall Street are not going to be great places to be in the next two or three decades. It's going to be the people who produce real goods in charge – the farmers and the miners.

Historically, there has been a bull market in commodities every 20 or 30 years.

The biggest public fallacy is that the market is always right. The market is nearly always wrong. I can assure you of that.

When things go wrong on a macroeconomic level, it's almost always this way. People find someone to blame, whether it's blacks, whites, Christians, Jews, Muslims-whoever.

Paper money is made of cotton, and I'm long cotton, by the way. One reason I'm long cotton is because Dr. Bernanke is out there running the printing presses as fast as he can.

Get inside information from the president and you will probably lose half of your money. If you get it from the chairman of the board, you will lose all of it.

Without giving specific names, most of the significant American banks, the larger banks, are bankrupt, totally bankrupt.