It's not so unusual to run out of someone else's currency.
From Jeffrey Sachs
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.
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.
The runs started in Thailand after the IMF intervened in such a dramatic way. Then the IMF came to Indonesia.
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.
The longer you wait, the less fun. If you wait until the bitter end, the whole economy can be destroyed.
Russia has gone through eight years of continuing economic pain.
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.
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.
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.
5 perspectives
3 perspectives
2 perspectives
1 perspectives