My Main Concern Is With The World

When Money Is Free, The Rational Lender Will Keep On Lending Until There Is No One Else To Lend To.

Giving Government Aid To A Bank Basically Transforms It Into A Utility. The Huge Salaries In This Sector Are Only A Symptom Of A More Profound Misalignment. The Profitability Of The Finance Industry Has Been Excessive. [...] That Was Absurd.

The Criminalization Of Marijuana Did Not Prevent Marijuana From Becoming The Most Widely Used Illegal Substance In The United States And Many Other Countries. But It Did Result In Extensive Costs And Negative Consequences.

Taking This View, It Is Possible To See Financial Markets As A Laboratory For Testing Hypotheses, Albeit Not Strictly Scientific Ones. The Truth Is, Successful Investing Is A Kind Of Alchemy.

There Is No Doubt That The Countries That Now Have A Very Large Debt Have Not Introduced The Kind Of Structural Reforms That Germany Did And Are Therefore At A Disadvantage. But The Problem Is That This Disadvantage Is Becoming Even More Pronounced Through The Punitive Policies In Place.