Yquotes.com

 

Throughout the years in which the US was punishing countries that departed from fiscal prudence, it was borrowing on a colossal scale to finance tax cuts and fund its over-stretched military commitments. Now, with federal finances critically dependent on continuing large inflows of foreign capital, it will be the countries that spurned the American model of capitalism that will shape America's economic future.
--
"A shattering moment in America's fall from power," The Observer (2008-09-28)

 

John N. Gray

» John N. Gray - all quotes »

Similar quotes

 

Borrowing to build factories is not the economic equivalent of borrowing to buy television sets, and it’s amazing just how few modern economists can see the difference...Borrowing to produce is the way poor countries become rich. Borrowing to consume is the way rich countries become poor. A vivid example of the latter is the stream of container ships unloading at U.S. ports and going back empty because we have nothing to ship.

 

Peter Schiff

 

The truth of the matter is that Europe's requirements for the next three or four years of foreign food and other essential products — principally from America — are so much greater than her present ability to pay that she must have substantial additional help or face economic, social, and political deterioration of a very grave character.
The remedy lies in breaking the vicious circle and restoring the confidence of the European people in the economic future of their own countries and of Europe as a whole. The manufacturer and the farmer throughout wide areas must be able and willing to exchange their product for currencies, the continuing value of which is not open to question.

 

George Marshall

 

Let's discuss the world. To answer the question, "is globalisation possible without God", the simple answer is "yes". Globalisation is after all itself a code word, a mask, for not using the C-word, capitalism. Globalisation is basically the latest phase of expanding capitalism. This not something which is neutral, this is a capitalism that has its rules: it has its economic rules, it has its political rules, it has its cultural rules and it has its military rules. It is a system. At the heart of this system is the United States of America, the world's only existing empire today. The first time in the history of humanity that you have just had a single empire, so dominant, whose military budget is higher than the military budgets of the next 15 countries put together, and whose military-industrial complex itself is the eleventh largest economic entity in the world. This is the reality we live in, and this is the reality which confronts us in different ways.

 

Tariq Ali

 

Economic and monetary union...is incompatible with independent sovereign states with control over their own fiscal and monetary policies. It would be impossible...to have irrevocably fixed exchange rates while individual countries retained independent monetary policies...such a system could never have the credibility necessary to persuade the market that there was no risk of realignment. Thus EMU inevitably implies a single European currency, with monetary decisions...taken not by national Governments and/or central banks, but by a European Central Bank. Nor would individual countries be able to retain responsibility for fiscal policy. With a single European monetary policy there would need to be central control over the size of budget deficits and, particularly, over their financing. New European institutions would be required, to determine overall Community fiscal policy and agree the distribution of deficits between individual Member States...It is clear that Economic and Monetary Union implies nothing less than European Government...and political union: the United States of Europe. That is simply not on the agenda now, nor will it be for the forseeable future.

 

Nigel Lawson

 

Global economic competition is a game of unequal players ... Consequently, it is only fair that we ‘tilt the playing field’ in favour of the weaker countries. In practice, this means allowing them to protect and subsidize their producers more vigorously and to put stricter regulations on foreign investment. These countries should also be allowed to protect intellectual property rights less stringently so that they can more actively ‘borrow’ ideas from more advanced countries.

 

Ha-Joon Chang