The Ultimate Asset Bubble Is Gold.

This Is The Joint Responsibility Of Everyone Who Was Involved In The Introduction Of The Euro Without Understanding The Consequences. When The Euro Was Introduced, The Regulators Allowed Banks To Buy Unlimited Amounts Of Government Bonds Without Setting Aside Any Equity Capital. And The European Central Bank Discounted All Government Bonds On Equal Terms. So Commercial Banks Found It Advantageous To Accumulate The Bonds Of The Weaker Countries To Earn A Few Extra Basis Points.

To My Mind, There Is A Solution Which Has To Do With Democracy, Because Democratic Governments Are Subject To The Will Of The People. So, If The People Will It, You Can Actually Create International Institutions Through The Democratic States.

Globalization Has Rendered The World Increasingly Interdependent, But International Politics Is Still Based On The Sovereignty Of States.

I Would Be Lying, However, If I Claimed That I Could Always Formulate Worthwhile Hypotheses On The Basis Of My Theoretical Framework. Sometimes There Were No Reflexive Processes To Be Found; Sometimes I Failed To Find Them; And, What Was The Most Painful Of All, Sometimes I Got Them Wrong. One Way Or Another, I Often Invested Without A Worthwhile Hypothesis And My Activities Were Not Very Different From A Random Walk.

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