If the choice is between cooking alive and wasting money unnecessarily I would rather waste some money, because long before we cook we are going to kill each other if we don't deal with climate change.

There is no point in being confident and having a small position.

It is much easier to put existing resources to better use, than to develop resources where they do not exist.

The assumption of perfect knowledge is very far from reality ... a lot of the evil in the world is actually not intentional.

There is a well-established conviction that the central banks always do what is necessary to keep the system going and then afterwards you then take care of the legal aspects. In a crisis, you simply do not have time to think about such concerns for too long.

My sense of insecurity keeps me alert, always ready to correct my errors.

The securitisation of mortgages added a new dimension of systemic risk. Financial engineers claimed they were reducing risks through geographic diversification: in fact they were increasing them by creating an agency problem. The agents were more interested in maximising fee income than in protecting the interests of bondholders. That is the verity that was ignored by regulators and market participants alike.