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The human world is a long way from meeting the needs of the present, and it is borrowing massively from the future - not only by piling up money debt, but also by degrading the resources from which all real wealth ultimately comes.

And that's how we build the economy of the future. An economy with more jobs and less debt, we root it in fairness. We grow it with opportunity. And we build it together.

We can pay the ecological debt by changing economic models, and by giving up luxury consumption, setting aside selfishness and individualism, and thinking about the people and the planet Earth.

We need banks and financiers and entrepreneurs to take risks because that's how economies grow over time.

When you're borrowing 40 cents of every dollar that you spend, that can't continue much longer. I think everybody really does understand that, and it's going to require all of us - those who are the most fortunate among us - but it's really going to require every American to contribute to a solution.

We'll set our approach to borrowing, to spending, to taxation, in a sensible way on a sensible timescale.

U.S. capital formation, which has been pretty high in the '90s and very high in the late 1990s, is what is being financed by the savings of the rest of the world, generally poorer than ourselves, because our deficit on current account, chronic deficit, is their surplus, and they have been willingly bringing that to the American market.