Once you run current-account deficits, you depend on the kindness of strangers. This might be the beginning of the end of the American empire.

Gold has no increasing value. And if you're really worried about, say, inflation rising, I would buy Spam. You know, you can eat Spam. You cannot eat gold.

In the history of modern capitalism, crises are the norm, not the exception.

In an extreme credit crunch, leveraged purchases of gold cause forced sales, because any price correction triggers margin calls. As a result, gold can be very volatile - upward and downward - at the peak of a crisis.

I am not going to say I told you so, but I did.

All the risky things that were happening back in ’06 and ‘07 are back again to the same level, if not more. So we are in the beginning of a credit bubble, but just the beginning.

I believe investors should invest for the long run, so I don't buy and sell. I usually maintain the classic index of global equities, diversified U.S. and global and emerging markets, and when the risk is larger, I diminish the amount in global equities and put more into liquid assets - but very irregularly.