The trouble is that the average trader on Wall Street, he or she is so young, he doesn't even remember the recession of 2001, let alone the previous one.

I believe, unlike people that are totally free-market, laissez-faire fundamentalists, that there is an important role that the government can play - one, in providing public goods, whether it's education, health care, or other things, and two, supervising countercyclical policy - stimulus, whether it's monetary, fiscal, or otherwise.

The global financial crisis - missed by most analysts - shows that most forecasters are poor at pricing in economic/financial risks, let alone geopolitical ones.

The economic costs, the financial costs, the job losses, the income losses, the fiscal costs of bailing out financial system are becoming larger and larger.

I think I got into travelling because it was so not in my blood, so against my tendency to just stay put because my dad just hated going on holidays, because, as I've said in many essays, the thing that he hated more than anything else in life was spending money. And as soon as you leave your home, you're spending money.

My all-time favourite political promise - more a boast than a promise, really - came from former Montreal mayor Jean Drapeau, who said in the lead-up to the 1976 Olympics, 'The Olympics can no more lose money than a man can have a baby.'

Now almost every artist outside of New York is connected with some school or some museum school, and even in New York the majority are. That's an interesting fact when you take the idea of making money, making a living selling paintings. Only a dozen or two painters do that.

In financial services, the front end of the world operates at super-high speeds: comparative advantages are measured in fractions of nanoseconds. And yet back end processes - the amount of time you have to wait when you sell a stock before cash hits your account - can take days.