There is no question that a breakup of the euro would be very damaging, very costly, both financially and politically. And the biggest loss would be incurred by Germany. Germans have to bear in mind that, effectively, they have suffered practically no losses so far. Transfers have all been in the form of loans, and it is only when the loans are not repaid that real losses will be incurred.

Short term volatility is greatest at turning points and diminishes as a trend becomes established

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

Changeless society is characterized by the absense of alternatives.

Advocating democracy has, by other people, often been taken as a form of imperialism, and not without some justification. So the important thing in a democracy is that it doesn't necessarily have to agree with what America's interests are, and it doesn't necessarily have to be serving American interests.

You need a government that believes in government. It also believes in markets and wants to give markets the best, the greatest opportunity, but is trying to govern well.

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