It's Not Whether You're Right

If I Had To Sum Up My Practical Skills, I Would Use One Word: Survival. And Operating A Hedge Fund Utilized My Training In Survival To The Fullest.

I Am Not Well Qualified To Criticize The Theory Of Rational Expectations And The Efficient Market Hypothesis Because As A Market Participant I Considered Them So Unrealistic That I Never Bothered To Study Them.

As A Society We Can't Live Without Moral Considerations. We Do Have To Protect The Public Good. And Markets Are Not Designed To Do That, So We Need A Political Process.

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.

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.