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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.

Jeffrey Sachs

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Jeffrey Sachs
Age: 70
Born: 1954
Born: November 5
Economist
University Teacher
Writer
Detroit
Michigan
Jeffrey David Sachs
Jeffrey D. Sachs
Rate
Recession
Something
Recessions
Always
Gold
Rates
Europe
Expand
Worry
Worrying
Possible
Supply
Interest
Lower
Money
Price
Without

More quotes by Jeffrey Sachs

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Devaluations are never easy.
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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.
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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.
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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.
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The essence of Africa's crises is fundamentally it's extreme poverty.
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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.
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It's the American leadership that has not played the role it should be playing and that leaders in other countries have been playing.
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Business often does a good job supporting communities: the arts, universities, and scientific enterprises... But that philosophy has rarely reached poor countries. Even businesses that are enlightened in their home bases see Africa, Latin America, and parts of Asia as places to exploit natural resources or use cheap labor.
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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.
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Our interconnectedness on the planet is the dominating truth of the 21st century. One stark result is that the world's poor live, and especially die, with the awareness that the United States is doing little to mobilise the weapons of mass salvation that could offer them survival, dignity and eventually the escape from poverty.
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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.
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The defining challenge of the 21st century will be to face the reality that humanity shares a common fate on a crowded planet.
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My concern is not that there are too many sweatshops, but that there are too few.
Jeffrey Sachs
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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.
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The runs started in Thailand after the IMF intervened in such a dramatic way. Then the IMF came to Indonesia.
Jeffrey Sachs
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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.
Jeffrey Sachs
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It's not so unusual to run out of someone else's currency.
Jeffrey Sachs
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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.
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Russia has gone through eight years of continuing economic pain.
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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.
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