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We believe in a strong dollar ... Chinese financial assets are very safe.
--
Peking University, May 31, 2009

 

Timothy Geithner

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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 sale of assets is common with individuals and states when they run into financial difficulties. First, all the Georgian silver goes, and then all that nice furniture that used to be in the saloon. Then the Canalettos go.

 

Harold Macmillan

 

Chinese cultural influence is virtually nil, and unlikely to increase… Indeed, high Chinese culture and art are almost all imitative of western forms: Chinese concert pianists are technically brilliant, but brilliant at Schubert and Rachmaninov. Chinese ballerinas dance to the scores of Diaghilev. The number of Chinese Nobel prizes won on home turf is zero, although there are of course legions of bright Chinese trying to escape to Stanford and Caltech… It is hard to think of a single Chinese sport at the Olympics, compared with umpteen invented by Britain, including ping-pong, I’ll have you know, which originated at upper-class dinner tables and was first called whiff-whaff. The Chinese have a script so fiendishly complicated that they cannot produce a proper keyboard for it.

 

Boris Johnson

 

More people are interested in trying to shuffle paper assets around than building lasting assets by producing real goods.

 

Akio Morita

 

So the game plan is not merely to free the income of the wealthiest class to “offshore” itself into assets denominated in harder currencies abroad. It is to scrap the progressive tax system altogether. ... How stable can a global situation be where the richest nation does not tax its population, but creates new public debt to hand out to its bankers? ... The “solution” to the coming financial crisis in the United States may await the dollar’s plunge as an opportunity for a financial Tonkin Gulf resolution. Such a crisis would help catalyze the tax system’s radical change to a European-style “Steve Forbes” flat tax and VAT sales-excise tax.... More government giveaways will be made to the financial sector in a vain effort to keep bad debts afloat and banks “solvent.” As in Ireland and Latvia, public debt will replace private debt, leaving little remaining for Social Security or indeed for much social spending. ... The bottom line is that after the prolonged tax giveaway exacerbates the federal budget deficit – along with the balance-of-payments deficit – we can expect the next Republican or Democratic administration to step in and “save” the country from economic emergency by scaling back Social Security while turning its funding over, Pinochet-style, to Wall Street money managers to loot as they did in Chile. And one can forget rebuilding America’s infrastructure. It is being sold off by debt-strapped cities and states to cover their budget shortfalls resulting from un-taxing real estate and from foreclosures. Welcome to debt peonage. This is worse than what was meant by a double-dip recession. It will be with us much longer. - December 2010

 

Michael (economist) Hudson