Chinese productivity is the highest in the world but the way they do it is by borrowing the technology from abroad, either by joint ventures or other means.
Markets do very weird things because it reacts to how people behave, and sometimes people are a little screwy.
I don't know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we've been talking about today or anything anybody else was talking about.
Revolutions are something you see only in retrospect.
The problem is you cannot have free global trade with highly restrictive, regulated domestic markets.
I always believed in animal spirits. It's not their existence that is new. It's the fact that they are not random events, but actually replicate in-bred qualities of human nature which create those animal spirits.