It is unlikely that others would even demand their money back overnight, for doing so would lead to the value of the dollar plummeting; what they would get back with be worth little. But what we are already seeing is an erosion of confidence of the dollar, which is seeing the dollar fall in value.

Nationalization of private debts undermines prudential lender behavior and is a government intervention in the market.

The recovery of the banks is what happens when you reduce competition, lend money to them at zero interest rates, allow them to gamble. That particular style of restoration actually inhibits the economic recovery.

The problem is a lot of what is called economics is not economics. It is more ideology or religion.

Put yourself in the shoes of one of these oligarchs who has been given a gift of $10 billion. Russia is in a deep depression. Nobody's investing. There is a widespread political consensus that the way you got your wealth is illegitimate.

When I said "the pocket of the banks," it is not necessarily a mercenary relationship. It is a mindset.

I find it scandalous not only that there was so little discussion of the costs of the Iraq war before we went to war - this was, after all, a war of choice - but even five years into the war, the Administration has not provided a comprehensive accounting of the war.