The integration of Europe was very much led by a Germany that was always willing to pay a little bit extra to reach a compromise that everybody accepted, because Germany was so eager to get European support for reunification. That was called the "farsighted vision," which created the European Union.

The hardest thing to judge is what level of risk is safe.

Law has become a business. Health care has become a business. Unfortunately, politics has also become a business. That really undermines society.

When a long-term trend loses it’s momentum, short-term volatility tends to rise. It is easy to see why that should be so: the trend-following crowd is disoriented.

Markets can influence the events that they anticipate.

I admire Chancellor Merkel for her leadership qualities, but she is leading Europe in the wrong direction.

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