The essence of the contemporary monetary system is creation of money, out of nothing, by private banks’ often foolish lending.

The essence of the contemporary monetary system is creation of money, out of nothing, by private banks’ often foolish lending.

In order to change the system, we need to change our ideas.

The four most dangerous words in finance are 'this time is different.' Thanks to this masterpiece by Carmen Reinhart at the University of Maryland and Kenneth Rogoff of Harvard, no one can doubt this again. . . . The authors have put an immense amount of work into collecting the data financial institutions needed if they were to have any chance of making quantitative risk management work.

There is no room for being creative in today’s business... Except for finding creative ways to be inefficient.

Those who condemn the immorality of liberal capitalism do so in comparison with a society of saints that has never existed—and never will

Sustaining growth is the century's big challenge.