The Ultimate Asset Bubble Is Gold.

Economic History Is A Never-ending Series Of Episodes Based On Falsehoods And Lies, Not Truths. It Represents The Path To Big Money. The Object Is To Recognize The Trend Whose Premise Is False, Ride That Trend And Step Off Before It Is Discredited.

Financial Markets Are Supposed To Swing Like A Pendulum: They May Fluctuate Wildly In Response To Exogenous Shocks, But Eventually They Are Supposed To Come To Rest At An Equilibrium Point And That Point Is Supposed To Be The Same Irrespective Of The Interim Fluctuations. Instead, As I Told Congress, Financial Markets Behaved More Like A Wrecking Ball, Swinging From Country To Country And Knocking Over The Weaker Ones. It Is Difficult To Escape The Conclusion That The International Financial System Itself Constituted The Main Ingredient In The Meltdown Process.

The Concept Of A General Equilibrium Has No Relevance To The Real World (in Other Words, Classical Economics Is An Exercise In Futility).

I Commissioned Two Political Experts To Advise Me About What I Could Do To Oppose The Re-election Of President Bush.

It Is Credit That Matters, Not Money (in Other Words, Monetarism Is A False Ideology).