When it comes to social consequences, they’ve got all different people acting in different ways, very difficult to even have a proper criterion of success. So, it’s a difficult task.
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.
To my mind, there is a solution which has to do with democracy, because democratic governments are subject to the will of the people. So, if the people will it, you can actually create international institutions through the democratic states.
If the choice is between cooking alive and wasting money unnecessarily I would rather waste some money, because long before we cook we are going to kill each other if we don’t deal with climate change.
Investors operate with limited funds and intelligence, they do not need to know everything. As long as they understand something better than others, they have an edge...
The ultimate asset bubble is gold.
As a society we can’t live without moral considerations. We do have to protect the public good. And markets are not designed to do that, so we need a political process.
I am not a Zionist, nor am I am a practicing Jew, but I have a great deal of sympathy for my fellow Jews and a deep concern for the survival of Israel.
We must not forget; but we must forgive. Suffering often such compassion from the Jewish community. It was Jewish groups in the US who were in the forefront in opposing the ethnic cleansing of Muslim in Bosnia.
Revolutions usually start with enthusiasm and end in tears.
Making an investment decision is like formulating a scientific hypothesis and submitting it to a practical test.
The global crisis is caused by pathologies inherent in the global financial system itself.
I fancied myself as some kind of god or an economic reformer like Keynes.
The prevailing wisdom is that markets are always right. I take the opposite position. I assume that markets are always wrong.
The strength of this country lies in the Declaration of Independence and the Bill of Rights and the freedom of speech and thought.
My conceptual framework, which basically emphasizes the importance of misconceptions, makes me extremely critical of my own decisions. I know that I am bound to be wrong, and therefore am more likely to correct my own mistakes.
Political debate is more interested in manipulating the truth, than finding the truth.
The financial markets play an active role in determining what’s going to happen, how the economy is going to function.
There is always a divergence between our perception and what actually exists.
Find the trend whose premise is false, and bet against it.