There is no doubt that the countries that now have a very large debt have not introduced the kind of structural reforms that Germany did and are therefore at a disadvantage. But the problem is that this disadvantage is becoming even more pronounced through the punitive policies in place.

The eurozone status quo is neither tolerable nor stable. Mainstream economists would call it an inferior equilibrium; I call it a nightmare - one that is inflicting tremendous pain and suffering that could be easily avoided if the misconceptions and taboos that sustain it were dispelled.

Increase your bets when you are confident and scale down your positions when you don't have conviction.

Democracy, by its very nature, can't be imposed on people. Democracy has to be the people deciding for themselves.

Making an investment decision is like formulating a scientific hypothesis and submitting it to a practical test. The main difference is that the hypothesis that underlies an investment decision is intended to make money and not to establish a universally valid generalization.

As a society we can't live without moral considerations. We do have to protect the public good. And markets are not designed to do that, so we need a political process.

The concept of a general equilibrium has no relevance to the real world (in other words, classical economics is an exercise in futility).