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

There is no doubt that the countries that now have a very large debt have not introduced the kind of structural reforms that Germany did and are therefore at a disadvantage. But the problem is that this disadvantage is becoming even more pronounced through the punitive policies in place.

There is always a divergence between our perception and what actually exists.

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.

Mankind's ability to understand and control the forces of nature greatly exceeds our ability to govern ourselves

There is no point in being confident and having a small position.

Financial markets ... resent any kind of government interference but they hold a belief deep down that if conditions get really rough the authorities will step in.