Why is it a bad thing for a central planner to allocate resources in an economy? The Soviet experience is one example. Underlying it is the lack of alignment of interest between principal and agent. If one does not reap the benefits of one’s investment decisions, those decisions are bound to be less than optimal. [...]

Economic data is pointing towards a global recession deepening in 2009. The scale of the slowdown in economic activity, the damage done to the banking system, the losses accumulated in residential real estate and the impairment of household balance sheets call for extraordinary policy measures. A more or less global though not entirely concerted policy [...]

You cannot do it solely for the money. If you do, one day it will hurt you so badly you can’t go on.
You have to deal the cards as a meditation. It can’t be done for profit, it can’t be done for respect. It’s done to find the answers, to discover the sacred laws of [...]