When you're young and going to war, it's a genuinely exciting moment. You are going to risk yourself. On the battlefield, you are suddenly free. You realize: I'm here, I'm in it. Exaltation. Suddenly you're hit by another extraordinary feeling: my God, I can be killed. And: will I embarrass myself? It's like you're in a kaleidoscope and all of these extraordinary feelings are zipping by.

With the decline of American interests in the outcome of this region, there is no glue holding it together. And the countries in this region are invented ... The last guarantor of the region's borders was the United States, and the US has basically said "the hell with it." What you're really having is the collapse of nation-states because they're not nations. They're only states.

There has never been a century that has not had a systemic war - a systemic war, meaning when the entire system convulses. From the Seven Years' War in Europe to the Napoleonic Wars of the 19th century to the World Wars, every century has one.

Constraint theory defines for you what outcomes are possible and what outcomes are impossible. It also eliminates wishful thinking.

Because the US has control of the sea. Because the US has built up its wealth. Because the US is the only country in the world really not to have a war fought on its territory since the time of the Civil War ... Therefore we can afford mistakes that would kill other countries. And therefore we can take risks that they can't ... the core answer to why the United States is like this is we didn't fight World War I and World War II and the Cold War here.

The British bombed German cities [during World War II] to keep the workers awake at night. So instead of dropping one bomb, we sent a thousand planes and, yes, we took out the factory sometimes, but we also took out the city. It reached the point where we wanted more efficient ways to destroy a city. The result was nuclear weapons.

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.