I Rely A Great Deal

The Securitisation Of Mortgages Added A New Dimension Of Systemic Risk. Financial Engineers Claimed They Were Reducing Risks Through Geographic Diversification: In Fact They Were Increasing Them By Creating An Agency Problem. The Agents Were More Interested In Maximising Fee Income Than In Protecting The Interests Of Bondholders. That Is The Verity That Was Ignored By Regulators And Market Participants Alike.

I Put Forward A Pretty General Theory That Financial Markets Are Intrinsically Unstable. That We Really Have A False Picture When We Think About Markets Tending Towards Equilibrium.

I Chose America As My Home Because I Value Freedom And Democracy, Civil Liberties And An Open Society.

Who Most Benefits From Keeping Marijuana Illegal? The Greatest Beneficiaries Are The Major Criminal Organizations In Mexico And Elsewhere That Earn Billions Of Dollars Annually From This Illicit Trade - And Who Would Rapidly Lose Their Competitive Advantage If Marijuana Were A Legal Commodity.

I Called Gold The Ultimate Bubble, Which Means It May Go Higher. But It’s Certainly Not Safe And It’s Not Going To Last Forever.