"Volatility no longer measures the risks involved in holding certain assets but instead measures the amount of the manipulation that the poor prices are enduring."

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"I would suggest that if you want to see an economy that has avoided the traps of an overburdened social structure like that which you have discussed today, and if you want to consider a fiscal and regulatory regime that attracts rather than chases away business and jobs, you might look to Texas."

"Procyclicality is the key issue in the time dimension. It reflects the tendency to take on excessive risk during economic upswings - too much punch from the punchbowl, if you will - and to become overly risk averse during the downturns. Procyclicality makes the financial system and the economy more vulnerable to shocks, and increases the likelihood of financial distress."

"So what is the secret of the watchdogs’ failure? The answer is simple. Or rather, it is complexity. For what this paper explores is why the type of complex regulation developed over recent decades might not just be costly and cumbersome but sub-optimal for crisis control. In financial regulation, less may be more."

In light of the current Euro crisis, we introduce two academic studies on the topic of currency unions and dissolutions in recent history. Althoug the countries mentioned are not comparable to Spain or Greece today, the authors do make some interesting observations.

Interesting remarks on the current financial situation by the Governor of the Bank of Canada

"The interactions which generate non-normalities in children’s games repeat themselves in real world systems – natural, social, economic, financial. Where there is interaction, there is non-normality."

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