What we define as a bubble is any kind of debt-fueled asset inflation where the cash flow generated by the asset itself - a rental property, office building, condo - does not cover the debt incurred to buy the asset. So you depend on a greater fool, if you will, to come in and buy at a higher price.

Dubai was a property bubble. Plain and simple. Go to Dubai and see what happened. It was... what I call it the 'Edifice complex' - it's just, we can grow by putting up lots and lots of buildings and trying to attract people to come here, stay here, and put up offices here and sooner or later, you put up too many.

There's almost 70 billion in square feet under construction in high rises in commercial, residential and light manufacturing. And we estimate about 30 billion square feet, and that's with a 'B,' is commercial, that we would just consider office space. To put that in perspective, that's a 5x5-foot cubicle for every man, woman and child in China.

The interesting thing about the China story, getting back to the macro and micro, and as dire as I think the macro story is - due to bad credit and credit extension that makes Greece and Spain and the U.S. look like child's play - when you get to the micro of individual companies, they look even worse.

It is a paradox of the acquisitive society in which we now live that although private morals are regulated by law, the entrepreneur is allowed considerable freedom to use - and abuse - the public in order to make money.

Back in Israel, I would spend much effort and plenty of money on presents when I went abroad, even if it was only for two days.

At 17, I traveled to Mexico in a lemon yellow Mustang and saved money by bunking down in cheap, cockroach-infested flophouses. In my early 20s, I went on to thumb rides through Europe, readily sleeping in train stations, my backpack as a pillow. Once I even hunkered down for a night on a sidewalk grate - for warmth - in Paris.

We are told there is not enough money for education, but somehow there is enough money for people to raise billions of dollars to defeat somebody in an election? Oh! Okay! Does that make sense?