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

One of the myths propagated by the enemies of Israel is that there is an all-powerful Zionist conspiracy. That is a false accusation. Nevertheless, that AIPAC has been so successful in suppressing criticism has lent some credence to such false beliefs.

The scope for improvement is infinite, precisely because perfection is unattainable.

I'm not better than the next trader, just quicker at admitting my mistakes and moving on to the next opportunity.

This is the joint responsibility of everyone who was involved in the introduction of the euro without understanding the consequences. When the euro was introduced, the regulators allowed banks to buy unlimited amounts of government bonds without setting aside any equity capital. And the European Central Bank discounted all government bonds on equal terms. So commercial banks found it advantageous to accumulate the bonds of the weaker countries to earn a few extra basis points.

Any central bank should only be in charge of liquidity. Solvency is a matter for the treasury.

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