The Hardest Thing To Judge Is What

Democracy, By Its Very Nature, Can't Be Imposed On People. Democracy Has To Be The People Deciding For Themselves.

What Works For Germany Can't Work For The Rest Of Europe: No Country Can Run A Chronic Surplus Without Others Running Deficits.

Markets Are Imperfect. So You Do Need Regulation, Knowing That The Regulators Are Also Human.

Playing By The Rules, One Does The Best He Can, Irrespective Of The Social Consequences. Whereas In Making The Rules, People Ought To Be Concerned With The Social Consequences And Not With Their Personal Interests.

However, You Have To Recognize That Regulations Will Never Be Completely Successful And They Will Always Be Full Of Holes. You Must Constantly Be Ready To Fill New Holes. Actually Regulation Should Be Kept To A Minimum, But There Has To Be Some Cooperation Between Market Participants And Authorities - As Was The Case In The Early Postwar Years. The Bank Of England Was A Very Successful Regulator By Cooperating With Market Participants. This Cooperative Spirit Was Broken By The Market Fundamentalists.