The one sure mark of a con, though, is the promise of free money.

When there's deflation, it means that although most markets are shrinking and people have less to spend, the 1% that hold the 99% in debt are getting all the growth in wealth and income. Deflation means that income is being transferred to the 1%, that is, to the creditors and property owners.

We go forward with our heads held high, but look back and remember where we come from.

Most of the European leaders look at themselves as having to follow the United States, because if the US opposes them, there will be a regime change.

Small banks that lend to consumers are fine.

The banks' product is debt. They try to tell customers that "debts are good for you," but the customers can't afford any more debt, so there's no way the banks can continue their current business plan.

The aim of academic trade theory is to tell students, "Look at the model, not at how nations actually develop." So of all the branches of economic theory, trade theory is the most wrongheaded.