Constraint theory argues a number of things. First, that the impossible has to be identified. Second, that the actor is then constrained by circumstances to act a certain way. For example, should we invade ISIS? Can we invade ISIS? What would it take to invade ISIS? Once you ask that question you discover the price of that option and then you take a look at American politics and see that the country is probably not prepared to invest the 2 to 3 million people that it would take to defeat ISIS and the insurgency afterwards. All right, so that's not going to happen.

The United State has a net worth against which our debt is a joke ... we wrote in 2008 the United States is going to come out of this recession fast. The Europeans are going to fragment. The Chinese are going to be cremated. Why could we come out of it? Why has all economic theory been proven wrong? Because we're rich and we could afford it.

What is American strategy first of all? So American strategy is to command the seas, right? The foundation of our power is sea control. Nobody can invade us, but we can invade them.

What is the great fear of the United States? That an Eastern power will build a navy to challenge us. How do you keep them from doing that? Keep them at each other's throats so they don't have any money to do this. This is why we fought the First World War, the Second World War, and the Cold War.

Well the most likely emerging countries are Japan, Turkey, and Poland. So I would say Eastern Europe, the Middle East and a maritime war by Japan with the United States enjoying its own pleasures.

By the 20th century, war ceased to be an encounter between two armies. It became an encounter between two societies, because a factory worker producing a gun or a bomb is as deadly as a pilot.

Italy is the fourth-largest economy in Europe and the eighth-largest economy in the world, and its banking system is collapsing. And Germany is desperate. It must maintain its standard of living. It can only do that with exports and Deutsche Bank is very exposed to Italian debt. But so is the rest of Europe.