I think what’s very disturbing about the present crisis is that there are a number of things going on at the same time, all of which aren’t very good. We’ve got the Japanese yen going...

My expectation is that we will see countries lapsing back to some sort of controls on trade, on capital, which isn’t going to be too healthy for the global economy.

There’s a lot to worry about.

There’s just a huge amount of money sloshing around looking for a place to go.

There are very strong winds of change blowing through the continent of Latin America and they seem to be in somewhat of a left-ward direction.

This plays very well politically in those countries. Prepaying the IMF is declaring independence.