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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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We Had A Booming

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.

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The World Got Side-tracked From Development Issues During The Post-9/11 Crisis Period.

Everybody Needs To Understand That Policies Are Going To Change To Make It Unprofitable If You Wreck The Planet, Those Companies That Continue Exploring And Developing Fossil Fuel Resources For Which There Is No Safe Use Are Going To Pay A Very Heavy Cost For That.

In The Early 1990s, When A Lot Of The Developing World Opened Up To International Capital Flows... They Ended Up In Very Good Long-term Projects, But Projects That Weren't Going To Pay Off For Five Or 10 Or 20 Years.

Despite A Decade Of Criticism And Budget Cuts, The Specialised Un Agencies Have Far More Expertise And Hands-on Experience Than Any Other Organisations In The World.

Soil Mapping Is One Of The Pillars To The Challenge Of Sustainable Development

It's Not So Unusual To Run Out Of Someone Else's Currency.

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.

We Are Not At War (except With Our Own Demons).

The Key To Ending Extreme Poverty Is To Enable The Poorest Of The Poor To Get Their Foot On The Ladder Of Development. The Ladder Of Development Hovers Overhead, And The Poorest Of The Poor Are Stuck Beneath It. They Lack The Minimum Amount Of Capital Necessary To Get A Foothold, And Therefore Need A Boost Up To The First Rung.

My Concern Is Not That There Are Too Many Sweatshops, But That There Are Too Few.

Unfortunately, The Real Focus In This Country Has Not Been On The Rest Of The World. It's Been On Our Own Issues And Our Own Problems. Fair Enough. But It Means That Our Simple Hopes That Everything Will Just Work Out Abroad Aren't Really Coming To Pass.

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.

It's Quite Possible To Arrive In The Year 2030 Where People Are No Longer Dying Of Poverty. We Could Actually Help Lead A Global End-not A Reduction, But An End-to Absolute Poverty...i Have Always Found That A Committed, Powerful Group Of Leaders, Can Make A Huge Difference.

The Runs Started In Thailand After The Imf Intervened In Such A Dramatic Way. Then The Imf Came To Indonesia.

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.

We Need To Defend The Interests Of Those Whom We've Never Met And Never Will.

Russia Has Gone Through Eight Years Of Continuing Economic Pain.

It's Not An Accident That The U.s. Ranks Lowest Of All Major Donor Countries In The World - That Is The Share Of Our Income That Goes To Development Aid. Americans Will Ask Whether, Because Were So Generous Privately, That Makes Up The Difference. But It Doesn't. We Still Rank Far Below Other Countries.

Tax The Rich. End The Wars. Break The Power Of Lobbies In Washington. These Are The Demands Of Occupy Wall Street. They Are Very Important. The Us Corporations Dominate Washington. The Big Oil Companies, Wall Street Banks And The Military-industrial Complex - They Rule This Country And Their Influence And Power Has To Be Broken.

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 To Borrow A Bit More And Do Even Better.

The Idea That The Un System Could Provide Real Leadership On The Great Development Challenges Will Strain Credulity In Some Quarters.

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.

At The Most Basic Level, The Key To Ending Extreme Poverty Is To Enable The Poorest Of The Poor To Get Their Foot On The Ladder Of Development.

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.

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.

The Essence Of Africa's Crises Is Fundamentally It's Extreme Poverty.

History Is Written By The Rich, And So The Poor Get Blamed For Everything.

My Colleagues And I Took A Stand In Our Work Several Years Ago That We Would Not Look For The Magic Bullet, Because There Is None. These Are Just Basic Problems Requiring Basic Work. Nothing Magic About It.

The Essence Of Africa's Crisis Is Fundamentally Its Extreme Poverty And Therefore Its Inability To Mobilize Out Of Its Own Resources Even The Barest Of Minimum Resources To Address Any Of The Public Health Crises That Africa Faces.

Let The Future Say Of Our Generation That We Sent Forth Mighty Currents Of Hope And That We Worked Together To Heal The World.

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.

The Russian Drama Began At The End Of 1991, When The Soviet Union Mercifully Ended. Russia And 14 Other New Countries Emerged From The Ruins Of The Soviet Union. Every One Of Those 15 New States Faced A Profound Historical, Economic, Financial, Social And Political Challenge.

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.

Deep Down, If We Really Accept That Their Lives - African Lives - Are Equal To Ours, We Would All Be Doing More To Put The Fire Out. Its An Uncomfortable Truth.

I Believe Myself That There's A Great Deal More Interest And Engagement Among Americans Than Our Politicians Recognize.

Our Challenge, Our Generation's Unique Challenge, Is Learning To Live Peacefully And Sustainably In An Extraordinarily Crowded World. Our Planet Is Crowded To An Unprecendented Degree. It Is Bursting At The Seams. It's Bursting At The Seams In Human Terms, In Economic Terms, And In Ecological Terms

We Were Proposing, In A Sense, That The Rest Of The World Be Made Safe For American Ideas, As They Adopted Intellectual Property Rights That Gave Patent Protection To Our Very Innovative Economy.

This Is Our Greatest Challenge: Learning To Live In A Crowded And Interconnected World That Is Creating Unprecedented Pressures On Human Society And On The Physical Environment.

The Longer You Wait, The Less Fun. If You Wait Until The Bitter End, The Whole Economy Can Be Destroyed.

Extreme Poverty Is The Best Breeding Ground On Earth For Disease, Political Instability, And Terrorism.

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.

Without Restoring An Ethos Of Social Responsibility, There Can Be No Meaningful And Sustained Economic Recovery.

It's The American Leadership That Has Not Played The Role It Should Be Playing And That Leaders In Other Countries Have Been Playing.

All Of The Incessant Debate About Development Assistance, And Whether The Rich Are Doing Enough To Help The Poor, Actually Concerns Less Than 1% Of Rich World Income. The Effort Required Of The Rich Is Indeed So Slight That To Do Less Is To Announce Brazenly To A Large Part Of The World: 'you Count For Nothing.' We Should Not Be Surprised, Then, If In Later Years The Rich Reap The Whirlwind Of That Heartless Response.

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.

If You Have A Lot Of Short-term Debt, It Means That All Of That Money Can Be Demanded In A Very Short Period Of Time. Technically, Short-term Debt Means Money That's Coming Due Within A Year. Typically, It Means Money That's Coming Due Within 30 To 90 Days.

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.

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.

The Aspiration Of Society Is The Flourishing Of Its Members, This Report Gives Evidence On How To Achieve Societal Well?being. It's Not By Money Alone, But Also By Fairness, Honesty, Trust And Good Health.

White House And State Department Foreign-policy Experts Are Overwhelmingly Directed Towards Military And Diplomatic Issues, Not Development Issues.

Roosevelt Talked Not Only About Freedom From Fear, But Also Freedom From Want.

Globalization Was A Deep Trend Pushed By Technology And Right Ideas, As Much As Anything Else.

Devaluations Are Never Easy.

I Think The Imf Helped To Detonate The Indonesian Crisis.

Obama Is Already Setting A New Historic Course By Reorienting The Economy From Private Consumption To Public Investments... Rightwing Pundits Bemoan The Evident Intention Of Obama And Team To 'tell Us What Kind Of Car To Drive'. Yet That Is Exactly What They Intend To Do...and Rightly So. Free-market Ideology Is An Anachronism In An Era Of Climate Change.

The Defining Challenge Of The 21st Century Will Be To Face The Reality That Humanity Shares A Common Fate On A Crowded Planet.

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.

The Time Has Come To End This Charade. The Debts Are Unaffordable. If They Won't Cancel The Debts I Would Suggest Obstruction; You Do It Yourselves. Africa Should Say: 'thank You Very Much But We Need This Money To Meet The Needs Of Children Who Are Dying Right Now So We Will Put The Debt Servicing Payments Into Urgent Social Investment In Health, Education, Drinking Water, Control Of Aids And Other Needs.'

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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