The world has fundamentally changed. It fundamentally changed when the Berlin Wall came down and the 'evil empire' ceased to exist. We are engaged around the world whether we like it or not. ↗
The Federal Reserve can only buy Treasuries and agencies, and moreover quantitative easing typically involves buying longer-term Treasuries and agencies in terms of bills, for example. ↗
Throughout history there have been many other examples, similar to that of Haeckel, Huxley and the cell, where a key piece of a particular scientific puzzle was beyond the understanding of the age. ↗
We're kind of in a voyeuristic world. We have TV shows that are all about watching people do weird things in houses. People are obsessed with that. There's live coverage of it. ↗