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.

So as soon as you want something to happen you begin skewing the data to support it. Our stuff is invaluable to decision-makers precisely because we have no ax to grind.

When I get asked the question, "Do I want to loan you money?" I want to know, how much do you earn? How much do you owe? What is your net worth? When people talk about countries for some reason they only ask how much did you earn and what's your debt?

Wars are times of intense technological transformation, because societies invest - sometimes with extensive borrowing - when and where matters of life and death are at stake.

A research division develops marketing material for its deal makers. We have no policy position. If you have a policy position you can't possibly forecast.

The warrior must continue to make decisions in the face of extreme circumstances. He cannot afford to get angry or frightened.

So you go to Brookings, or you go to Heritage or others, they know their position on any subject before they research it. If you go to an investment bank, they know what parts of the world they are going to cover and what parts of the world they are not going to cover depending on client interest. We cover the world without being skewed by that. And that makes it more valuable.