"When you're a distressed seller of an illiquid asset in a market panic, it's not even like being in a crowded theatre that's on fire. It's like being in a crowded theatre that's on fire and the only way you can get out is by persuading somebody outside to swap places with you."
"Either out of ideology or incompetence, all major developed governments have given up (did they ever really try?) attempting to use solid, fundamental policies to create sustainable, strong growth in output, incomes, innovation, entrepreneurship and good jobs. The policies that are needed (in the areas of tax, regulatory, labour, education and training, energy, rule of law, and trade) are not unknown, nor are they too complicated for even the most simple-minded politician to understand. But in most developed countries, there is and has been complete policy paralysis on the growth-generation side, as elected officials have delegated the entirety of the task to central bankers."
"The owner of a[n Asian] biscuit company doesn't sit fretting about Portuguese debt but worries about selling more biscuits than the guy down the road."