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.

America felt victorious and generous after World War II. They had also learned from the mistakes after World War I when they imposed punishment on Germany. What became of Germany? A Nazi dictatorship which threatened the world. Today's Germany doesn't feel as prosperous and generous as America then. But actually, Germany still is very prosperous.

When interest rates are low we have conditions for asset bubbles to develop, and they are developing at the moment. The ultimate asset bubble is gold.

The dark comes before dawn. The financial markets are under great pressure because of the lack of leadership during the transition period.

This crisis has the potential to be a lot worse than Lehman Brothers.

Revolutions usually start with enthusiasm and end in tears.

My original intention was to spend the money in my lifetime.