Where countries have been able to carry through on their reform commitments - as in Korea, Thailand and the Philippines - results are starting to come in the form of lower interest rates, new investment and increased growth.

In politics, as in poetry, it is sometimes true that it is darkest before dawn.

Global capital markets pose the same kinds of problems that jet planes do. They are faster, more comfortable, and they get you where you are going better. But the crashes are much more spectacular.

All taxes discourage something. Why not discourage bad things like pollution rather than good things like working?

There are children who are working in textile businesses in Asia who would be prostitutes on the streets if they did not have those jobs

The idea that we should be open to all ideas is very different from the supposition that all ideas are equally valid.

Blaming speculators as a response to financial crisis goes back at least to the Greeks. It's almost always the wrong response.