If truth be known, I carried some rather potent messianic fantasies with me from childhood which I felt I had to control, otherwise I might end up in the loony bin. But when I made my way in the world I wanted to indulge myself in my fantasies to the extent that I could afford.

We are the most powerful nation on earth. No external power, no terrorist organization can defeat us. But we can defeat ourselves by getting caught in a quagmire.

I admire Chancellor Merkel for her leadership qualities, but she is leading Europe in the wrong direction.

I have made it a principle to give advice that does not serve my personal interest but rather the common interests.

I don't panic. The same thing applies to me as to everybody else, so I'm given to euphoria and despair. And I would say that I basically have survived by recognizing my mistakes.

The generally accepted view is that markets are always right -- that is, market prices tend to discount future developments accurately even when it is unclear what those developments are. I start with the opposite view. I believe the market prices are always wrong in the sense that they present a biased view of the future.

When money is free, the rational lender will keep on lending until there is no one else to lend to.