The worse a situation becomes the less it takes to turn it around, the bigger the upside.

What works for Germany can't work for the rest of Europe: No country can run a chronic surplus without others running deficits.

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.

At times of recession, running a budget deficit is highly desirable. Once the economy begins to recover, you have to balance the budget. But it will also need additional revenues. Should the government not receive them, we will all get punished with higher interest rates.

Money values do not simply mirror the state of affairs in the real world; valuation is a positive act that makes an impact on the course of events. Monetary and real phenomena are connected in a reflexive fashion; that is, they influence each other mutually. The reflexive relationship manifests itself most clearly in the use and abuse of credit.

Political debate is more interested in manipulating the truth, than finding the truth.

Law has become a business. Health care has become a business. Unfortunately, politics has also become a business. That really undermines society.