It's Not Whether You're Right Or Wrong

It's Not Whether You're Right Or Wrong That's Important, But How Much Money You Make When You're Right And How Much You Lose When You're Wrong

There Is No Doubt That The Countries That Now Have A Very Large Debt Have Not Introduced The Kind Of Structural Reforms That Germany Did And Are Therefore At A Disadvantage. But The Problem Is That This Disadvantage Is Becoming Even More Pronounced Through The Punitive Policies In Place.

Financial Markets Are Supposed To Swing Like A Pendulum: They May Fluctuate Wildly In Response To Exogenous Shocks, But Eventually They Are Supposed To Come To Rest At An Equilibrium Point And That Point Is Supposed To Be The Same Irrespective Of The Interim Fluctuations. Instead, As I Told Congress, Financial Markets Behaved More Like A Wrecking Ball, Swinging From Country To Country And Knocking Over The Weaker Ones. It Is Difficult To Escape The Conclusion That The International Financial System Itself Constituted The Main Ingredient In The Meltdown Process.

Regulating And Taxing Marijuana Would Simultaneously Save Taxpayers Billions Of Dollars In Enforcement And Incarceration Costs, While Providing Many Billions Of Dollars In Revenue Annually.

The Prevailing Wisdom Is That Markets Are Always Right. I Take The Opposite Position. I Assume That Markets Are Always Wrong.