"Be careful. The U.S. is the largest debtor nation in the history of the world. We may well have a big, big rally in the U.S. stock market, but it's not based on reality. I would encourage investors to know you're in a fool's paradise, be careful, and when people start singing praises, say, 'I've been to this party before, and I know know it's time to leave.'"
"First of all, throughout American history, we've always had slowdowns every four to six years. That means that sometime in the next couple of years - three years, maximum - we are going to have problems again, caused by whatever reason."
"For instance, there was 2001 and 2002, and then 2007 and 2009 was much worse. Well, the next time it's going to be worse still, because the level of debt is so, so, so much higher. Every country is increasing its debt at the same time."