Every bubble consists of a trend that can be observed in the real world and a misconception relating to that trend. The two elements interact with each other in a reflexive manner.

I passionately disagreed with Treasury Secretary Hank Paulson's plan to bail out the banks by using a public fund called the Troubled Asset Relief Program (TARP) to help banks take toxic assets off their balance sheets. I argued that it would be much better to put the money where the hole was and replenish the equity of the banks themselves.

The key problem is the debt restructuring in the euro zone. As long as the debt burden is not reduced, there is no chance of the weaker EU countries regaining competitiveness.

Every bubble has two components: something - some real trend, and a misconception about that trend.

The main enemy of the open society, I believe, is no longer the communist but the capitalist threat.

You could adjust the punishment to fit the infraction. Even a small fine would be enough to bring an errant government to heel.

Revolutions usually start with enthusiasm and end in tears.