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.

Find the trend whose premise is false, and bet against it.

The only thing that could hurt me is if my success encouraged me to return to my childhood fantasies of omnipotence - but that is not likely to happen as long as I remain engaged in the financial markets, because they constantly remind me of my limitations.

The laissez-faire argument relies on the same tacit appeal to perfection as does communism.

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

I commissioned two political experts to advise me about what I could do to oppose the re-election of President Bush.

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