A snarky but accurate description of monetary policy over the past five years is that the Federal Reserve successfully replaced the technology bubble with a housing bubble

Debt is one person's liability, but another person's asset.

The United States in particular and the West in general should be feeling a little embarrassed about all that lecturing we did to the Third World.

It's a funny thing, by the way, how people who love free markets are also quite sure that they know that investors are being irrational.

Unsustainable situations usually go on longer than most economists think possible. But they always end, and when they do, it's often painful.

...academic credentials are neither a necessary nor a sufficient condition for having your ideas taken seriously. If a famous professor repeatedly says stupid things, then tries to claim he never said them, there's no rule against calling him a mendacious idiot - and no special qualifications required to make that pronouncement other than doing your own homework.Conversely, if someone without formal credentials consistently makes trenchant, insightful observations, he or she has earned the right to be taken seriously, regardless of background.

Most work in macroeconomics in the past 30 years has been useless at best and harmful at worst.