If the bubbles contain a misconception, as they always do, then it can't be maintained forever.

The strength of this country lies in the Declaration of Independence and the Bill of Rights and the freedom of speech and thought.

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

The more comprehensive and convincing a debt reduction program is, the less likely it is to fail. And remember, just as Germany is grateful to America for the Marshall Plan, Italy would be grateful to Germany for helping it lower its refinancing costs.

However, you have to recognize that regulations will never be completely successful and they will always be full of holes. You must constantly be ready to fill new holes. Actually regulation should be kept to a minimum, but there has to be some cooperation between market participants and authorities - as was the case in the early postwar years. The Bank of England was a very successful regulator by cooperating with market participants. This cooperative spirit was broken by the market fundamentalists.

Giving government aid to a bank basically transforms it into a utility. The huge salaries in this sector are only a symptom of a more profound misalignment. The profitability of the finance industry has been excessive. [...] That was absurd.

Everything adds up to a major crisis. Humanity is faced with a global energy crisis ... The core of the crisis lies in the increasing shortage of oil.