The US has 75 trillions of unpaid for liabilities in a 15 trillion economy. How are we ever going to be pay for it? It's a number that cannot happen. So I don't worry about it. The far more interesting question is: what happens at the moment we realise that we can't pay 75 trillion?
One has not only a legal, but a moral responsibility to obey just laws. Conversely, one has a moral responsibility to disobey unjust laws.
Markets are constantly in a state of uncertainty and flux, and money is made by discounting the obvious and betting on the unexpected.
Another lesson I learned early is that there is nothing new in Wall Street. There can't be because speculation is as old as the hills.
I believe that anyone who is intelligent, conscientious, and willing to put in the necessary time can be successful on Wall Street. As long as they realize the market is a business like any other business, they have a good chance to prosper.
When confidence goes, the end is very near. It always comes faster than anyone expects and it always seems to be unexpected.
The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen. Yet this difference is tremendous; for it almost always happens that when the immediate consequence is favorable, the later consequences are disastrous, and vice versa. Whence it follows that the bad economist pursues a small present good that will be followed by a great evil to come, while the good economist pursues a great good to come, at the risk of a small present evil.
With the exception only of the period of the gold standard, practically all governments of history have used their exclusive power to issue money to defraud and plunder the people.