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

Stock market bubbles don't grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception.

These public-private partnerships are very, very dangerous. The most rotten part of the financial system in the US consisted of the government sponsored entities, Fannie Mae and Freddie Mac. They really kicked off this crisis. The state should set the rules and enforce them - but not become involved as a market player.

I call government that works the best for people open society, which is basically just another more general term for a democracy that is - you call it maybe a liberal democracy. It's not only majority rule but also respect for minorities and minority opinions and the rule of law. So it's really a sort of institutional democracy.

I'm only rich because I know when I'm wrong.

I contend that financial markets never reflect the underlying reality accurately; they always distort it in some way or another and the distortions find expression in market prices. Those distortions can, occasionally, find ways to affect the fundamentals that market prices are supposed to reflect.

As I discovered, there is a great deal of similarity between a boom-bust process in the financial markets and the rise and fall of the Soviet system.