An open society is a society which allows its members the greatest possible degree of freedom in pursuing their interests compatible with the interests of others.

Anticipating attacks, I should like to emphasize that I do not subscribe to the myths propagated by enemies of Israel and I am not blaming Jews for anti-Semitism. Anti-Semitism predates the birth of Israel. Neither Israel's policies nor the critics of those policies should be held responsible for anti-Semitism. At the same time, I do believe that attitudes toward Israel are influenced by Israel's policies, and attitudes toward the Jewish community are influenced by the pro-Israel lobby's success in suppressing divergent views.

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.

The lower interest rates fueled housing and consumption booms in countries such as Spain and Ireland. At the same time, Germany, struggling with the burdens of reunification, tightened its belt and became more competitive. All this led to a wide divergence in economic performance. Europe became divided into creditor and debtor countries.

Globalization has rendered the world increasingly interdependent, but international politics is still based on the sovereignty of states.

Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.

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