If Truth Be Known, I Carried Some

Whenever There Is A Conflict Between Universal Principles And Self-interest, Self-interest Is Likely To Prevail.

At Times Of Recession, Running A Budget Deficit Is Highly Desirable. Once The Economy Begins To Recover, You Have To Balance The Budget. But It Will Also Need Additional Revenues. Should The Government Not Receive Them, We Will All Get Punished With Higher Interest Rates.

By Creating The European Central Bank, The Member States Exposed Their Own Government Bonds To The Risk Of Default. Developed Countries That Issue Bonds In Their Own Currency Never Default, Because They Can Always Print Money. Their Currency May Depreciate, But The Risk Of Default Is Absent.

Of Course, Speculation Will Always Make A Crisis Worse. If There Is A Weak Point, It Will Expose It.

I Wish I Could Write A Book That Will Be Read For As Long As Our Civilization Lasts. I Would Value It Much More Highly Than Any Business Success If I Could Contribute To An Understanding Of The World In Which We Live Or, Better Yet, If I Could Help To Preserve The Economic And Political System That Has Allowed Me To Flourish As A Participant.