To Others, Being Wrong Is A Source

America Needs To Follow The Policies It Has Introduced In Germany. We Have To Go Through A Certain De-nazification Process.

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.

The Main Obstacle To A Stable And Just World Order Is The United States. [this Idea] Happens To Coincide With The Prevailing Opinion In The World. And I Think That's Rather Shocking For Americans To Hear.

The Prevailing Wisdom Is That Markets Are Always Right. I Take The Opposite Position. I Assume That Markets Are Always Wrong.

It Is Much Easier To Put Existing Resources To Better Use, Than To Develop Resources Where They Do Not Exist.