If you increase living standards, you make labor more productive. This is why Asia today is becoming more productive than the United States.

Seventy-eight percent of millennials are worried about not having enough good paying job opportunity to pay off their student loans. Seventy-four percent can't pay the health care if they get sick. Seventy-nine percent don't have enough money to live when they retire. So, already, we're having a whole generation that's coming on, not only here but also in Europe, that isn't able to get good-paying jobs.

People are putting their money into treasuries because they worry that the risk of putting their money into the bond market, the stock market or even the money markets is very high.

What's bad for the frackers usually is good for the rest of the world.

In order to be an economist these days, you have to participate in this fairytale that somehow we can recover and still make the banks rich. And it is a fairytale.

When they say inflation is bad, deflation is good, what they mean is, more money for us 1% is good; we're all for asset price inflation, we're all for housing prices going up, and we're all for our stock and bonds prices going up. We're just against you workers getting more income.

We're living in a world that's divided into two economies: the economy of the 1%, and the economy of the bottom 99%. I guess you could be more "centrist" and say the top 10% versus the bottom 90%. But there's definitely a stratification at work here.