The Main Obstacle To A Stable And

I'm Not Doing My Philanthropic Work Out Of Any Kind Of Guilt, Or Any Need To Create Good Public Relations. I'm Doing It Because I Can Afford To Do It, And I Believe In It.

The Lower Interest Rates Fueled Housing And Consumption Booms In Countries Such As Spain And Ireland. At The Same Time, Germany, Struggling With The Burdens Of Reunification, Tightened Its Belt And Became More Competitive. All This Led To A Wide Divergence In Economic Performance. Europe Became Divided Into Creditor And Debtor Countries.

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.

However, You Have To Recognize That Regulations Will Never Be Completely Successful And They Will Always Be Full Of Holes. You Must Constantly Be Ready To Fill New Holes. Actually Regulation Should Be Kept To A Minimum, But There Has To Be Some Cooperation Between Market Participants And Authorities - As Was The Case In The Early Postwar Years. The Bank Of England Was A Very Successful Regulator By Cooperating With Market Participants. This Cooperative Spirit Was Broken By The Market Fundamentalists.

Merkel Has Realized That The Euro Is Not Working, But She Cannot Change The Narrative She Has Created Because That Narrative Has Caught The Imagination Of The German Public, And The German Public Has Accepted It.