It is beyond belief that we know so little about how people get rich or poor, about how it is they come to dwell in comfort and health or die in penury and disease. Financial markets are the machines in which much of human welfare is decided; yet we know more about how our car engines work than about how our global financial system functions. We lurch from crisis to crisis. In a networked world, mayhem in one market spreads instantaneously to all others—and we have only the vaguest of notions how this happens, or how to regulate it. So limited is our knowledge that we resort, not to science, but to shamans. We place control of the world's largest economy in the hands of a few elderly men, the central bankers.
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Ch. 13, p. 254–255Benoit Mandelbrot
» Benoit Mandelbrot - all quotes »
It is time to recognize that financial markets are inherently unstable. Imposing market discipline means imposing instability, and how much instability can society take? ... To put it bluntly, the choice confronting us is whether we will regulate global financial markets internationally or leave it to each individual state to protect its interests as best it can. The latter course will surely lead to the breakdown of the gigantic circulatory system, which goes under the name of global capitalism.
George Soros
Our presence will serve as an incentive for al Qaeda to grow in numbers and motivate more suicide bombers. An indefinite presence, whether in Iraq, Afghanistan, or Pakistan, will continue to drain our financial resources, undermine our national defense, demoralize our military and exacerbate our financial crisis. All this will be welcomed by Osama Bin Laden, just as he planned it. It's actually more than he had hoped for. [...] The war in Afghanistan and Pakistan will be much bigger, unless the dollar follows the path of the dollar-based world financial system and collapses into runaway inflation. In this case, the laws of economics and the realities of history will prove superior to the madness of maintaining a world empire financed by scraps of paper. Our military prowess, backed by a nuclear arsenal, will not suffice in overcoming the tragedy of a currency crisis. Soviet nukes did not preserve its empire or the communist economy.
Ron Paul
The global crisis is caused by pathologies inherent in the global financial system itself.
George Soros
At the beginning of the last two decades of our century, we find ourselves in a state of profound, world-wide crisis. It is a complex, multi-dimensional crisis whose facets touch every aspect of our lives - our health and livelihood, the quality of our environment and our social relationships, our economy, technology, and politics. It is a crisis of intellectual, moral, and spiritual dimensions; a crisis of a scale and urgency unprecedented in recorded human history. For the first time we have to face the very real threat of extinction of the human race and of all life on this planet.
Fritjof Capra
At the beginning of the last two decades of our century, we find ourselves in a state of profound, world-wide crisis. It is a complex, multi-dimensional crisis whose facets touch every aspect of our lives - our health and livelihood, the quality of our environment and our social relationships, our economy, technology, and politics. It is a crisis of intellectual, moral, and spiritual dimensions; a crisis of a scale and urgency unprecedented in recorded human history. For the first time we have to face the very real threat of extinction of the human race and of all life on this planet.
Fritjof Capra
Mandelbrot, Benoit
Mandelson, Peter
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