We must recognize that as the dominant power in the world we have a special responsibility. In addition to protecting our national interests, we must take the leadership in protecting the common interests of humanity.

The sovereignty of states must be subordinated to international law and international institutions.

If we care about universal principles such as freedom, democracy and the rule of law, we cannot leave them to the care of market forces; we must establish some other institutions to safeguard them.

America needs to follow the policies it has introduced in Germany. We have to go through a certain de-Nazification process.

Unfortunately, the more complex the system, the greater the room for error.

Studying economics is not a good preparation for dealing with it.

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.