The Global Financial Crisis - Missed By

I Am Not Going To Say I Told You So, But I Did.

I Believe In Market Economics. But To Paraphrase Churchill - Who Said This About Democracy And Political Regimes - A Market Economy Might Be The Worst Economic Regime Available, Apart From The Alternatives. I Believe That People React To Incentives, That Incentives Matter, And That Prices Reflect The Way Things Should Be Allocated. But I Also Believe That Market Economies Sometimes Have Market Failures, And When These Occur, There's A Role For Prudential - Not Excessive - Regulation Of The Financial System.

If You Worry About Financial Armageddon, It Is Indeed Metaphorically The Time To Stock Your Bunker With Guns, Ammunition, Canned Food And Gold Bars.

You Have To Eventually Nationalize Us Banks, You Have To Take The Problem By The Horns. In My View Actually Most Of The Us Banking System Is Insolvent.

Once You Run Current-account Deficits, You Depend On The Kindness Of Strangers. This Might Be The Beginning Of The End Of The American Empire.