What the banking system needs is creditors who monitor risk and cut their exposure when that risk is too high. Unlike regulators, creditors and counterparties know the details of a deal and have their own money on the line.
We're seeing an enormous amount of global upward mobility that's quite rapid and quite sudden, and undiscovered individuals have a chance - using the Internet, using computers - to prove themselves very quickly. So I think the mobility story will be a quite complicated one.
A lot of local food is very tasty. I'm very happy to eat it. I just don't think it's the same thing as saving the world.
Some Google employees have their self-driving vehicles take them to work. These car robots don't look like something from 'The Jetsons'; the driverless features on these cars are a bunch of sensors, wires, and software. This technology 'works.'
If we want to improve American food and make it much cheaper, we should deregulate the food trucks and the other street vendors, provided they meet certain sanitation standards. Many cities have already moved down this path, and people are not keeling over with salmonella.
I'm a pessimist about the euro, but not about Europe. So the southern periphery, Spain, Italy, Greece, leave - Italy might be the first to go - and the rest stay. That will work just fine. But unless they want to give up democracy, I don't see greater fiscal union as the answer.
