The Chinese central government will slowly and steadily lose authority while regional armies [gain power]. The Western powers are going to take sides to protect their investments - they have put billions of dollars into Shanghai. Their fear is that [these investments] are going to be expropriated by a warlord from the interior who will sweep down on Shanghai. They will try to form alliances with warlords to protect their concessions, and there will be a huge flow of weapons into China.

If you lose yourself to rage in the complexity of battle, you are going to be lost.

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.

The most horrible sort of war is civil war.

We cannot anticipate the moral circumstances under which we will live. And therefore [I refuse] to say that I will not live in a moral circumstance that requires violence.

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.

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.