France placed the state above society , democracy above constitutionalism, and equality above liberty. As a result, for much of the nineteenth century it was democratic, with broad suffrage and elections, but hardly liberal. it was certainly a less secure home for individual freedom than was England or America.

I think that liberals need to grow up.

In a world awash in debt, power shifts to creditors.

But now, we are becoming suspicious of the very things we have long celebrated - free markets, trade, immigration, and technological change. And all this is happening when the tide is going our way. Just as the world is opening up, America is closing down.

The American consumer, even today, the weight of the American consumer in the global economy is China plus India doubled. So, it's tough to replace that.

You know, when the cost of capital goes down, when credit becomes cheap, people start taking greater and greater risks.

If you listen to the political discourse in America today, you would think that all our problems have been caused by the Mexicans of the Chinese or the Muslims. The reality is that we have caused our own problems. Whatever has happened has been caused by isolating ourselves or blaming others.