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" In both the U.S. and Europe, the budget and balance sheet numbers do not work. When 'off-balance sheet' promises are taken into account, the U.S. and most countries of the Euro zone are insolvent. "

Paul Singer

Promises

Balance

Budget

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" The building block of every community is family. "

" Obviously, the institution of marriage in America has utterly collapsed. "

" There is no more reason to believe that Bitcoin will stand the test of time than that governments will protect the value of government-created money, although Bitcoin is newer, and we always look at babies with hope. "

" It is a very bad idea for governments to create arbitrary and unfair outcomes, or outcomes resulting from the passions and whims of the government rather than from the law, just because they have the power to do so. "

" The bottom line is that the euro is a failed experiment. "

" Imagine how much capital a country like Argentina might attract - if instead of defaulting seriatim and affecting a pose of anger toward creditors, it borrowed responsibly and honored its obligations. "

Paul Singer

Anger

How

" I'm rarely optimistic. "

Paul Singer

Rarely

Optimistic

" Capital is kind of a banking concept. "

" What I think about derivatives is if every institution that owns or trades them is properly margined and marked to market, including end-users, including every institution, including sovereigns and multilateral institutions, then the system would be safe - if people were margined the way customers of investment banks are margined. "

" A great deal of stupidity has chipped away at the massive advantages of Western civilization, which could terminally decline if it remains on the current path. But these problems can be solved - and swiftly - if the right leaders emerge. "

" If you want an alternative currency, check out gold. It has stood the test of thousands of years as a store of value and medium of exchange. "

" There is no safe haven in today's markets. "

" Derivatives trading should be standardized and as much as possible moved to clearinghouses. "

" I know people who are always freeriders and will never get into a fight. "

" Securing for gays and lesbians the basic right to have their relationships and families recognized as part of a community makes all of our communities stronger. "

" Given the typical fee structures of hedge funds, they need to do something different to make money in a consistent way. "

" The starting point of my career in money management in 1973-74 was the time of the only true bear market any living non-Japanese investor has seen in major markets. Equities, real estate, you name it, everyone got run over. "

" You have got to welcome and embrace complexity. "

" 'Inequality' has become the political theme/slogan of our time in both Europe and the U.S., yet political leaders do not even bother to consider that their own policies, which put the entire burden on central bankers to print money and drive up stock, bond and other asset prices, are actually exacerbating income and wealth disparity. "

" While many of Mr. Obama's ideas warrant skepticism, conservative opposition to any expanded role for government is a mistake. "

" Opacity on extreme levels is not addressed anywhere, including Dodd-Frank. "

" Governments need to be authorized to provide 'open bank assistance.' The convolutions of Dodd-Frank aimed at 'avoiding' this tactic are ludicrous and will prove to be extremely costly to the system. "

" I've never let my guard down by saying, 'I don't need to be hedged.' "

" My concern as a citizen and as a money manager is, Oh my God, at what point does a 'whoa' moment happen to these people who own $30 trillion fixed income instruments? "

" Margin is a customer concept. "

" The world, in terms of choices available to educated, ambitious workers and entrepreneurs, is way bigger than just the United States, Japan and Europe. "

" So many people, including stark conservatives, have family members and close friends who are gay. "

" In government, the forces of risk-aversion and constant conflict serve to stultify and narrow the range of ideas up for debate. "

Paul Singer

Government

Debate

" Today, even small entities that trade complex instruments or are granted sufficient leverage can threaten the global financial system. "