Jeffrey Sachs
There's a lot of strength in the U.S., but there's a lot of froth also. The froth will blow off. We're going to have to face up to some realities that we're not fully facing up to right now.Collection: Strength
Globalization was a deep trend pushed by technology and right ideas, as much as anything else.Collection: Technology
We've taken the view that if the rest of the world would democratize and create market economies, that would spread the benefits of prosperity around the world, and that it would enhance our own prosperity, and our own stability and security, as well.Collection: Finance
We had a booming stock market in 1929 and then went into the world's greatest depression. We have a booming stock market in 1999. Will the bubble somehow burst, and then we enter depression? Well, some things are not different.Collection: Finance
The great leaders of the second world war alliance, Franklin Roosevelt and Winston Churchill, understood the twin sides of destruction and salvation. Their war aims were not only to defeat fascism, but to create a world of shared prosperity.
We were proposing, in a sense, that the rest of the world be made safe for American ideas, as they adopted intellectual property rights that gave patent protection to our very innovative economy.
If we did go into a recession, something that's always possible for the U.S. or Europe, we could lower interest rates and expand the money supply without worrying about the price of gold.
In my view, there is an urgent need to communicate with the public and help to explain where there is consensus, and where are there doubts about the issues of sustainable development.
The runs started in Thailand after the IMF intervened in such a dramatic way. Then the IMF came to Indonesia.
I think the IMF helped to detonate the Indonesian crisis.
The basic idea was that if a country would put its economy as an integrated piece of the world system, that it would benefit from that with economic growth. I concur with that basic view.
Unfortunately, the real focus in this country has not been on the rest of the world. It's been on our own issues and our own problems. Fair enough. But it means that our simple hopes that everything will just work out abroad aren't really coming to pass.
If you have a lot of short-term debt, it means that all of that money can be demanded in a very short period of time. Technically, short-term debt means money that's coming due within a year. Typically, it means money that's coming due within 30 to 90 days.
The essence of Africa's crisis is fundamentally its extreme poverty.
We, being the Western world, wouldn't let Russia off the hook on debt. So there were demands on debt servicing in the early days until they ran out of reserves. There was no real aid program, just a fictional aid program.
The debts are unaffordable. If they won't cancel the debts I would suggest obstruction; you do it yourselves.
The truth of good economic doctoring is to know the general principles, and to really know the specifics. To understand the context, and also, to understand that an economy may need some tender loving care, not just the so-called hard truths, if it's going to get by.
In the early 1990s, when a lot of the developing world opened up to international capital flows... they ended up in very good long-term projects, but projects that weren't going to pay off for five or 10 or 20 years.
In Asia, a lot of successful economies that had been living on their own saving, decided to open up their financial markets to international capital in the early 1990s. So here were countries doing quite well, but they decided they'd borrow a bit more and do even better.
The Russian drama began at the end of 1991, when the Soviet Union mercifully ended. Russia and 14 other new countries emerged from the ruins of the Soviet Union. Every one of those 15 new states faced a profound historical, economic, financial, social and political challenge.
Devaluations are never easy.
The longer you wait, the less fun. If you wait until the bitter end, the whole economy can be destroyed.
It's not so unusual to run out of someone else's currency.
Russia has gone through eight years of continuing economic pain.
Let's start fresh with Russia on some real help and some real reform.
We're going to have to forgive a great deal of the Soviet era debt. There's no question about that. Let's face up to that. We're going to have to put in money if Russia is really going to consolidate a democracy.
Roosevelt talked not only about Freedom from Fear, but also Freedom from Want.
The idea that UN commitments should be followed by action is indeed a radical one, especially for the United States, where wilful neglect of its own commitments is the rule.
White House and State Department foreign-policy experts are overwhelmingly directed towards military and diplomatic issues, not development issues.
Senior development specialists in the Treasury can be counted on one hand. America's government is not even aware of the gap between its commitments and action, because almost nobody in authority understands the actions that would be needed to meet the commitments.
Despite a decade of criticism and budget cuts, the specialised UN agencies have far more expertise and hands-on experience than any other organisations in the world.
Let the future say of our generation that we sent forth mighty currents of hope and that we worked together to heal the world.Collection: Change
The key to ending extreme poverty is to enable the poorest of the poor to get their foot on the ladder of development. The ladder of development hovers overhead, and the poorest of the poor are stuck beneath it. They lack the minimum amount of capital necessary to get a foothold, and therefore need a boost up to the first rung.Collection: Feet
Tax the rich. End the wars. Break the power of lobbies in Washington. These are the demands of Occupy Wall Street. They are very important. The US corporations dominate Washington. The big oil companies, Wall Street banks and the military-industrial complex - they rule this country and their influence and power has to be broken.Collection: Country
We need to defend the interests of those whom we've never met and never will.Collection: Needs
Our challenge, our generation's unique challenge, is learning to live peacefully and sustainably in an extraordinarily crowded world. Our planet is crowded to an unprecendented degree. It is bursting at the seams. It's bursting at the seams in human terms, in economic terms, and in ecological termsCollection: Unique
The defining challenge of the 21st century will be to face the reality that humanity shares a common fate on a crowded planet.Collection: Fate
At the most basic level, the key to ending extreme poverty is to enable the poorest of the poor to get their foot on the ladder of development.Collection: Feet
Without restoring an ethos of social responsibility, there can be no meaningful and sustained economic recovery.Collection: Meaningful
History is written by the rich, and so the poor get blamed for everything.Collection: Rich
Every morning our newspapers could read, 'More than 20,000 people perished yesterday of extreme poverty.' How? The poor die in hospital wards that lack drugs, in villages that lack antimalarial bed nets, in houses that lack safe drinking water. They die namelessly, without public comment. Sadly, sad stories rarely get written.Collection: Morning
Extreme poverty is the best breeding ground on earth for disease, political instability, and terrorism.Collection: Political
My concern is not that there are too many sweatshops, but that there are too few.Collection: Sweatshops
This is our greatest challenge: learning to live in a crowded and interconnected world that is creating unprecedented pressures on human society and on the physical environment.Collection: Creating
The rich do not have to invest enough in the poorest countries to make them rich; they need to invest enough so that these countries can get their foot on the economic ladder . . . Economic development works. It can be successful. It tends to build on itself. But it must get started.Collection: Country
Obama is already setting a new historic course by reorienting the economy from private consumption to public investments... Rightwing pundits bemoan the evident intention of Obama and team to 'tell us what kind of car to drive'. Yet that is exactly what they intend to do...and rightly so. Free-market ideology is an anachronism in an era of climate change.Collection: Team
Deep down, if we really accept that their lives - African lives - are equal to ours, we would all be doing more to put the fire out. Its an uncomfortable truth.Collection: Fire
There is no economic imperative that will condemn us to deplete our vital resource base, but neither is there an invisible hand that will prevent us from doing so.Collection: Hands
The essence of Africa's crisis is fundamentally its extreme poverty and therefore its inability to mobilize out of its own resources even the barest of minimum resources to address any of the public health crises that Africa faces.Collection: Health
Soil mapping is one of the pillars to the challenge of sustainable developmentCollection: Challenges