Although The Outlook Is Clouded

We Are In The Midst Of A Once-in-a-century Credit Tsunami. Central Banks And Governments Are Being Required To Take Unprecedented Measures. Those Of Us Who Have Looked To The Self-interest Of Lending Institutions To Protect Shareholders' Equity Are In A State Of Shocked Disbelief.

The Use Of A Growing Array Of Derivatives And The Related Application Of More-sophisticated Approaches To Measuring And Managing Risk Are Key Factors Underpinning The Greater Resilience Of Our Largest Financial Institutions... Derivatives Have Permitted The Unbundling Of Financial Risks.

It's A Bubble. It Has To Have Intrinsic Value. You Have To Really Stretch Your Imagination To Infer What The Intrinsic Value Of Bitcoin Is. I Haven't Been Able To Do It. Maybe Somebody Else Can.

Productivity Is Notoriously Difficult To Predict.

Regulation - Which Is Based On Force And Fear - Undermines The Moral Base Of Business Dealings. It Becomes Cheaper To Bribe A Building Inspector Than To Meet His Standards Of Construction. Protection Of The Consumer By Regulation Is Thus Illusory.