Capital market liberalization includes freeing up deposit and lending rates, opening up the market to foreign banks, and removing restrictions on capital account transactions and bank lending. The focus is on deregulation, not on finding the right regulatory structure.

Most people think the Iraq war has increased the probability of an attack. However, it's difficult to put this aspect into financial terms.

What Trump has announced - that he is going to not obey rules by which we govern our relations with other countries. He's going to reject the treaties that we have had in the past. He is going to go from what is called a multilateral system, where we all work together, to trying to deal country by country and basically throw out what has been achieved over a 60-year period.

If you're injured in an automobile accident, and you sue the driver, you get much more for your injury than if you're fighting for your country. There's a double standard here.

When you're facing the threat of recession, you need to have an expansionary monetary and fiscal policy. Pre-Keynesian, Hooverite views are dead everywhere except on 19th Street in Washington.

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.

We could, of course, always make the payments, simply by printing more money - we simply promise to pay people by giving them dollar bills - but that could set off inflation.