I would be lying, however, if I claimed that I could always formulate worthwhile hypotheses on the basis of my theoretical framework. Sometimes there were no reflexive processes to be found; sometimes I failed to find them; and, what was the most painful of all, sometimes I got them wrong. One way or another, I often invested without a worthwhile hypothesis and my activities were not very different from a random walk.

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.

Sometimes time actually works against you if you refuse to face the relevant issues and explain to the public what is at stake.

I am against market fundamentalism. I think this propaganda that government involvement is always bad has been very successful - but also very harmful to our society.

The main obstacle to a stable and just world order is the United States.

China could easily emerge as the great winner if the Chinese leaders handle the situation well. On the other hand, they could also turn out to be the biggest losers if they handle it poorly. If the management turns out be wrong, this could lead to a political crisis in China.

It is credit that matters, not money (in other words, monetarism is a false ideology).