I would say I'm a 19th-century liberal, possibly even an 18th-century one.

In the financial sector, those whom the gods want to destroy they first teach math.

When bond prices fall, interest rates soar, with painful consequences for all borrowers.

No civilization, no matter how mighty it may appear to itself, is indestructible.

All empires have depended on local legitimacy and local collaboration; they are not based primarily on coercion. An imperial rule that relies wholly on coercion can't endure. It's too expensive.

In Stalin's Russia racial persecution was often disguised as class warfare. More than 1.5 million members of ethnic minorities died as a result of forced resettlement.

It’s our generation that is witnessing the end of Western predominance. The average American used to be more than 20 times richer than the average Chinese. Now it’s just five times, and soon it will be 2.5 times.