The Age of Turbulence

An area in which more rather than less government involvement is needed, in my judgment, is the rooting out of fraud. It is the bane of any market system.

From the development of the textile loom two centuries ago to today's Internet, output per hour has increased fifty fold.

The probability of ten consecutive heads is 0.1 percent; thus, when you have millions of coin tossers, or investors, in the end there will be thousands of very successful practitioners of coin tossing, or stock picking.

In general, corruption tends to exist whenever governments have favors to extend, or something to sell.

Modern dynamic economies do not stay still long enough to allow for an accurate reading of their underlying structures.

When trust is lost, a nation's ability to transact business is palpably undermined.

The need for values is inbred. Their content is not.

I came to a stark realization: chronic surpluses could be almost as destabilizing as chronic deficits.