When depression economics prevails, the usual rules of economic policy no longer apply: virtue becomes vice, caution is risky and prudence is folly.

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

People who are complaining about the Fed are people who've been predicting runaway inflation for five and six years, and it hasn't happened.

I'm especially baffled by the idea of taking insurance against a U.S. default. If America defaults, we're talking about a chaotic world - Mad Max, more or less - in which case, who imagines that insurance claims will be honored?

We should try to create the society each of us would want if we didn't know in advance who we'd be.

I believe that the only important structural obstacles to world prosperity are the obsolete doctrines that clutter the minds of men.

The party of ideas has become the party of Beavis and Butthead.