Revolutions Usually Start With Enthusiasm And End

The Securitisation Of Mortgages Added A New Dimension Of Systemic Risk. Financial Engineers Claimed They Were Reducing Risks Through Geographic Diversification: In Fact They Were Increasing Them By Creating An Agency Problem. The Agents Were More Interested In Maximising Fee Income Than In Protecting The Interests Of Bondholders. That Is The Verity That Was Ignored By Regulators And Market Participants Alike.

The Hardest Thing To Judge Is What Level Of Risk Is Safe.

My Approach Works Not By Making Valid Predictions But By Allowing Me To Correct False Ones.

The Dark Comes Before Dawn. The Financial Markets Are Under Great Pressure Because Of The Lack Of Leadership During The Transition Period.

I Think It Is Natural That Every Country Has To Take Care Of Its Interests, But There Are Some Interests That Are Common To All Countries. There Are Some Human Interests, Or We Need Also International Cooperation. We've Sometimes Confused It With Dictation.