[D]ebt increases that didn't arise either from war or from extraordinary financial crisis are entirely associated with hard-line conservative governments.

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

But where will the Fed find another bubble?

We know that advanced economies with stable governments that borrow in their own currency are capable of running up very high levels of debt without crisis.

If you want a simple model for predicting the unemployment rate in the United States over the next few years, here it is: It will be what Greenspan wants it to be, plus or minus a random error reflecting the fact that he is not quite God.

I'm not sure that the current value of the NASDAQ is justified, but I'm not sure that it isn't.

The French, unfortunately, actually believe what they say, and that has been very destructive.