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Crisis Quotes

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Crisis Quotes

“The current economic crisis...has numerous causes and sends a powerful message about the need for a profound revision of the model of global economic development. It's an acute symptom that is added to other more grave and already well-known ones, such as the continued imbalance between wealth and poverty, the scandal of hunger, the ecological emergency and the problem of unemployment, which has now become general. In this context a strategic re-launching of agriculture appears decisive.”

“There will come a moment when the most urgent threats posed by the credit crisis have eased and the larger task before us will be to chart a direction for the economic steps ahead. This will be a dangerous moment. Behind the debates over future policy is a debate over history-a debate over the causes of our current situation. The battle for the past will determine the battle for the present. So it's crucial to get the history straight.”

“It is precisely those members of Congress who have had the most to do with creating the risks that led to the current economic crisis who are making the most noise against others, and summoning people before their committee to be browbeaten and humiliated on nationwide television.”

“If one sentence were to sum up the mechanism driving the Great Stagnation, it is this: Recent and current innovation is more geared to private goods than to public goods. That simple observation ties together the three major macroeconomic events of our time: growing income inequality, stagnant median income, and the financial crisis.”

“Many flagship state universities have wonderful digital libraries that are accessed by people around the world. In future, if not current, budget crises, trustees, board members, and administrators may wonder why these state institutions - with an articulated primary clientele of students, faculty, and staff members and a secondary clientele of all citizens of the state - should be spending resources on a digital library that is used by many people beyond the primary and secondary service populations.”

“From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial 'boom' followed by a recession or depression when the Fed-created bubble bursts.”