China's productive system draws upon the other East Asian countries to a great extent. The volume of trade is much larger than the net amount being exported from China. China needs substantial reserves to finance all that.

One of the great mistakes is to judge policies and programs by their intentions rather than their results.

Hell hath no fury like a bureaucrat scorned.

I am a limited-government libertarian.

Theories can be based on any assumptions, however bizarre.

Political freedom means the absence of coercion of a man by his fellow men.

People who intend only to seek their own benefit are “led by an invisible hand to serve a public interest which was no part of” their intention. I say that there is a reverse invisible hand: People who intend to serve only the public interest are led by an invisible hand to serve private interests which was no part of their intention.