Market Prices Are Always Wrong.

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.

There Is A Resurgence Of Anti-semitism In Europe. The Policies Of The Bush Administration And The Sharon Administration Contribute To That. It's Not Specifically Anti-semitism, But It Does Manifest Itself In Anti-semitism As Well.

Financial Markets Are Supposed To Swing Like A Pendulum: They May Fluctuate Wildly In Response To Exogenous Shocks, But Eventually They Are Supposed To Come To Rest At An Equilibrium Point And That Point Is Supposed To Be The Same Irrespective Of The Interim Fluctuations. Instead, As I Told Congress, Financial Markets Behaved More Like A Wrecking Ball, Swinging From Country To Country And Knocking Over The Weaker Ones. It Is Difficult To Escape The Conclusion That The International Financial System Itself Constituted The Main Ingredient In The Meltdown Process.

If The Terrorists Have The Sympathy Of People, It's Much Harder To Find Them. So We Need People On Our Side, And That Leads Us To Be Responsible Leaders Of The World, Show Some Concern With The Problems.

Germany Will Always Do The Minimum To Preserve The Euro. Doing The Minimum, Though, Will Perpetuate The Situation Where The Debtor Countries In Europe Have To Pay Tremendous Premiums To Refinance Their Debt. The Result Will Be A Europe In Which Germany Is Seen As An Imperial Power That Will Not Be Loved And Admired By The Rest Of Europe - But Hated And Resisted, Because It Will Perceived As An Oppressive Power.