The Reality Is That Financial

By Creating The European Central Bank, The Member States Exposed Their Own Government Bonds To The Risk Of Default. Developed Countries That Issue Bonds In Their Own Currency Never Default, Because They Can Always Print Money. Their Currency May Depreciate, But The Risk Of Default Is Absent.

Giving Government Aid To A Bank Basically Transforms It Into A Utility. The Huge Salaries In This Sector Are Only A Symptom Of A More Profound Misalignment. The Profitability Of The Finance Industry Has Been Excessive. [...] That Was Absurd.

When Interest Rates Are Low We Have Conditions For Asset Bubbles To Develop, And They Are Developing At The Moment. The Ultimate Asset Bubble Is Gold.

There Is No Doubt That The Countries That Now Have A Very Large Debt Have Not Introduced The Kind Of Structural Reforms That Germany Did And Are Therefore At A Disadvantage. But The Problem Is That This Disadvantage Is Becoming Even More Pronounced Through The Punitive Policies In Place.

Anticipating Attacks, I Should Like To Emphasize That I Do Not Subscribe To The Myths Propagated By Enemies Of Israel And I Am Not Blaming Jews For Anti-semitism. Anti-semitism Predates The Birth Of Israel. Neither Israel's Policies Nor The Critics Of Those Policies Should Be Held Responsible For Anti-semitism. At The Same Time, I Do Believe That Attitudes Toward Israel Are Influenced By Israel's Policies, And Attitudes Toward The Jewish Community Are Influenced By The Pro-israel Lobby's Success In Suppressing Divergent Views.