When might this happen? The world economy is going from bad to worse by the day. The Chinese may opt for this measure out of sheer desperation, and it may be a reality soon. I have the sensation that things are falling apart around the world at an increasing rate of speed. Perhaps China will move this Fall?

Interest rates will have to rise, sooner or later; central bankers tremble when they see the slightest sign that interest rates are ticking up; they are trapped and wait in dread for the deluge of bond liquidation

Three years ago, I sent this letter to Alexis Tsipras, now prime minister of Greece. We think our advice is still valid, in view of the current economic situation in that country.

Producers of consumer goods in every part of the world, at any time in history, require self-liquidating credit to operate efficiently. When they do not enjoy a legal system which supports the existence of self-liquidating credit, they resort to improvised alternatives

The world today is in the hands of a set of quacks who pass themselves off as "Economists"; their pseudo-economic science is nothing but ancient superstition dressed in modern garb. Yesterday they sold us "Indulgences", today they sell State Bonds