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…our market system depends critically on trust-trust in the word of our colleagues and trust in the word of those with whom we do business.

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It is this superlatively moral system that the welfare statists propose to improve upon by means of preventative law, snooping bureaucrats, and the chronic goad of fear.
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Greenspan, who knew so much more than most, knew far less than most supposed.
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Far Greenspan Knew Less More Most Suppose
In the process we have created [a] privileged elite whose incomes are being supported at non-competitively high levels by immigration quotas on skilled professionals.
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There’s an interesting question here because if the gold price broke in that context, the thermometer would not be just a measuring tool. It would basically affect the underlying psychology.
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I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.
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Almost Came Deficit Destabilize Chronic Realization Stark Surplus
Excessive optimism sows the seeds of its own reversal.
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Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewelry.
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How do we know when irrational exuberance has unduly escalated asset values?
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Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity are in a state of shocked disbelief.
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Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.
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We may be in a rapidly evolving international financial system with all the bells and whistles of the so-called new economy. But the old-economy rules of prudence are as formidable as ever. We violate them at our own peril.
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Even though some down payments are borrowed, it would take a large, and historically most unusual, fall in home prices to wipe out a significant part of home equity.
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Need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path.
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In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
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The Iraq War is largely about oil.
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And she always has so much fun doing it. We make a good team.
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