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Excuse me, first you basically echo Eugene Fama on how bubbles don't exist and now you give us Julian Simon?
Dr. Bartlett has the following to say on Julian Simon:
""" Chief amongst these optimists was the late Dr Julian Simon, formerly professor of economics and business administration at the University of Illinois, and later at the University of Maryland. With regard to copper, Simon has written that we will never run out of copper because "copper can be made from other metals." The letters to the editor jumped all over him, told him about chemistry. He just brushed it off: "Don't worry," he said, "if it's ever important, we can make copper out of other metals."

Now, Simon had a book that was published by the Princeton University Press. In that book, he's writing about oil from many sources, including biomass, and he says, "Clearly there is no meaningful limit to this source except for the sun's energy." He goes on to note, "But even if our sun was not so vast as it is, there may well be other suns elsewhere." Well, Simon's right; there are other suns elsewhere, but the question is, would you base public policy on the belief that if we need another sun, we will figure out how to go get it and haul it back into our solar system? (audience laughter) """

Are you serious?

Of all the ways of organizing banking, the worst is the one we have today — Mervyn King, 25 October 2010
by Migeru (migeru at eurotrib dot com) on Tue Nov 9th, 2010 at 07:03:21 PM EST
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