James Grant: “I said, ‘Get on the ground. Get on the ground. Get on the ground. Get on the ground.”

I see a bubble in Treasury securities. I see a bubble in sovereign debts worldwide.

I didn’t want to do deadly force.

The Fed has created a high-yield bond market without the yield.

The price mechanism is our indispensable contrivance, and without it, the store shelves would be stocked with things we don't want, if they would be stocked at all.