Italy spills over to everything. Italy is a huge banking system. It has been the major banking system in Eastern Europe. It's worked with Austria's banking system. There's all sorts of interplays there. So it's not the PIIGS one should worry about. Germany hasn't even begun falling yet. And when Germany falls, and it will, that's when the panic begins to set in.
George FriedmanRecent presidents have gone off on ad hoc adventures. They have set unattainable goal because they have framed the issue incorrectly, as they believed their own rhetoric.
George FriedmanIdealism is frequently another word for self-righteousness, a disease that can only be corrected by a profound understanding power in its complete sense.
George FriedmanThe 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.
George Friedman