As to the Greek bailout, there are two points of view -- both of them insufficient. One group thinks the bankers should get their money. The other thinks the public employees should get the money.

The authorities are trying to force the economy back into the shape it was in before the crash. They're preventing it from taking a new, better shape, and preventing the correction from doing its work.

What does it mean when the financial intelligentsia seems to have no idea what is going on? It means they’ve got the wrong idea about the way things work, and probably no incentive to have the right one.

Right now, the US Treasury market is out of whack. It’s been going up since 1983. And now investors lend money to the world’s biggest debtor at what are historically very low interest rates. And they do this at a time when that debtor has begun the biggest borrowing and spending spree in history. This is not normal. It’s downright weird.

The communists learned their lessons. They proved that government spending does not make people rich.

It's perfectly normal for people to believe the de-leveraging is over. Who wants to cut back?

Goldman executives were in a good mood for a good reason: they had bet against the mortgage market. Of course, that was the only reasonable thing to do.

Fear makes you do things you don’t want to do. It makes you cut expenses, cut projects, and cancel vacations. All the things you knew you should do but really don’t want to do.

When will the de-leveraging bust resume?

Why is gold moving up?  Gold is usually what you buy when you suspect that financial policymakers are making mistakes.  But what mistake are they making?