When I had made more money than I needed for myself and my family, I set up a foundation to promote the values and principles of a free and open society.

Of course, speculation will always make a crisis worse. If there is a weak point, it will expose it.

My approach works not by making valid predictions but by allowing me to correct false ones.

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.

Every bubble has two components: something - some real trend, and a misconception about that trend.

The trouble with institutional investors is that their performance is usually measured relative to their peer group and not by an absolute yardstick. This makes them trend followers by definition.

I put forward a pretty general theory that financial markets are intrinsically unstable. That we really have a false picture when we think about markets tending towards equilibrium.