"U.S. companies hire more people, they just don't happen to live in the United States. And so a new and stultifyingly different business structure means that profit margins -- after the benefit of layoffs and higher productivity are dissipated -- will be negatively affected by interest rate increases. If so, the recovery will ultimately flounder."

"If you don't pay any interest on it, there's no limit to the amount businesses and consumers can borrow and therefore spend ... if and when rates do go up, we will all care -- the leverage will work in reverse, the economy will flounder."

"Many if not most American companies are profitable primarily because of their finance activities ... these companies... benefit by swapping their long-term debt back into Libor-based/short-rate sensitive hedges. If the Fed jacks yields, they will pay through the nose and then some, as will our economy."

"If Asia is subsidizing its growth by purchasing dollars and Treasuries at a premium price, what about all the rest of us? ... We have nothing to show for our investment prowess other than an under-yielding Treasury note denominated in an overvalued currency."