These public-private partnerships are very, very dangerous. The most rotten part of the financial system in the US consisted of the government sponsored entities, Fannie Mae and Freddie Mac. They really kicked off this crisis. The state should set the rules and enforce them - but not become involved as a market player.

A global economy is characterized not only by the free movement of goods and services but, more important, by the free movement of ideas and of capital.

What works for Germany can't work for the rest of Europe: No country can run a chronic surplus without others running deficits.

Changeless society is characterized by the absense of alternatives.

The world order needs a major overhaul.

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

Once a trend is established it tends to persist and to run it’s full course.