An open society calls itself open to improvement. It is based on the recognition that people have divergent views and interests, and that nobody is in possession of the ultimate truth.

Revolutions usually start with enthusiasm and end in tears.

However, even a strong government can't perform miracles. It needs money from the taxpayers.

The generally accepted theory is that financial markets tend towards equilibrium, and...discount the future correctly. I operate using a different theory, according to which financial markets cannot possibly discount the future correctly because the do not merely discount the future; they help to shape it.

Discount the obvious, bet on the unexpected

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

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.