No Major Institution In The Us Has

There's Only One Thing That All Of The Central Banks Control And That Is The Base, Their Own Liability, And They Can Control That In Various Ways. They Can Control It Directly By Open Market Operations, Buying And Selling Government Securities Or Other Assets, For Example, Buying And Selling Gold, Or They Can Control It Indirectly By Altering The Rate At Which Banks Lend To One Another.

Hong Kong Is The Bellwether. If The Chinese Stick To Their Agreement To Let Hong Kong Go Its Own Path, Then China Will Also Go That Way. If They Don't, That Is A Very Bad Sign. I'm Optimistic.

Only Government Can Take Perfectly Good Paper, Cover It With Perfectly Good Ink And Make The Combination Worthless.

Complete Free Trade Is Not Politically Feasible. Why? Because It's Only In The General Interest And In No One's Special Interest.

Making Prohibition Work Is Like Making Water Run Uphill; It's Against Nature.