Global Economic Crisis Quotes

Capitalism has become systemically risky when a single financial algorithm like the one that David X. Li created brought the entire global economic system close to collapse in 2008. ~ Said Elias Dawlabani

Fortunately there is more wealth in the world than there was at the time of the global economic crisis of 1929 - Chinese, Indian, Arab and Russian. ~ Karl Lagerfeld

In 2009, at the height of the global economic crisis, it was clear that we were seeing something new: the impacts of the crisis were flowing across borders at unprecedented velocity. ~ Ban Ki-moon

The American share of the crisis began with grossly improper mortgages provided to wholly unqualified borrowers, all directly caused and encouraged by government distortion of and interference in the market. The government's market deformation and market intervention was in turn the result of two factors: political favouritism and Leftist ideology, on the one hand; and upon the other, corruption: the blatant cooption of such Friends of Angelo as Mr Dodd and of such bien-pensant Lefties as Mr Frank. The stability and efficiency of any market is directly proportional to the amount and trustworthiness of market information. The Yank Congress, for blatantly partisan and ideological reasons, gave out false information to the market, pushing lenders into making bad loans and giving out, with the appropriate winks and nudges, that Fannie (will Americans ever realise how that sounds) and Freddie, imperfectly quangoised, were 'really just as good as the Treasury' and were in any case 'too big to [be let] fail': which, as it happens, was untrue. Similarly, this moronic mantra of 'too big to fail' was chanted desperately and loudly to drown out the warning sounds of various financial institutions on the brink and of the automobile industry. Incomprehensible sums of public money were thrown at these corporations so that they could avoid bankruptcy, and have succeeded only in privatising profit whilst socialising risk. ~ G.M.W. Wemyss

The widely mis-interpreted 1998 'meltdown' of East Asia was a financial symptom of the renewed reality: In fact, it was the first round the world recession again to begin in East Asia and spread from there to the West, instead of vice versa. That marked the beginnings of the return back 360 degrees around the world of the world economic center to Asia where it had always been before those two eighty-year period of temporary Western ascendance. The stock market crash in Hong Kong and the devaluation of the Thai baht and the Indonesian rupia took only 80 seconds to make themselves felt in the London City and on New York's Wall Street. How much of a cultural lag do we still need for popular perception and social theory to catch up with global reality? ~ Andre Gunder Frank

With the lessons taken from the financial crisis in 1997, the Republic of Korea has been able to surmount the global economic crisis rather successfully. ~ Lee Myung-bak

Large numbers of under-capitalized banks were a recipe for financial instability, and panics were a regular feature of American economic life - most spectacularly in the Great Depression, when a major banking crisis was exacerbated rather than mitigated by a monetary authority that had been operational for little more than fifteen years. ~ Niall Ferguson

The 1.8 million child deaths each year related to clean water and sanitation dwarf the casualities associated with violent conflict. No act of terrorism generates economic devastation on the scale of the crisis in water and sanitation. Yet the issue barely registers on the international agenda. ~ Rose George

Here in Australia we do get impacted by global economic events. But we should have some confidence that our economy has got strong underlying fundamentals. ~ Julia Gillard

A clear lesson of history is that a 'sine qua non' for sustained economic recovery following a financial crisis is a thoroughgoing repair of the financial system. ~ Janet Yellen

The global economic outlook remains fragile and uncertain. Global economic imbalances persist and we must address them or risk future instability. ~ Julia Gillard

When we think about global warming at all, the arguments tend to be ideological, theological and economic. ~ Bill McKibben

...the centrality of competitiveness as the key to growth is a recurrent EU motif. Two decades of EC directives on increasing competition in every area, from telecommunications to power generation to collateralizing wholesale funding markets for banks, all bear the same ordoliberal imprint. Similarly, the consistent focus on the periphery states' loss of competitiveness and the need for deep wage and cost reductions therein, while the role of surplus countries in generating the crisis is utterly ignored, speaks to a deeply ordoliberal understanding of economic management. Savers, after all, cannot be sinners. Similarly, the most recent German innovation of a constitutional debt brake (Schuldenbremse) for all EU countries regardless of their business cycles or structural positions, coupled with a new rules-based fiscal treaty as the solution to the crisis, is simply an ever-tighter ordo by another name.

If states have broken the rules, the only possible policy is a diet of strict austerity to bring them back into conformity with the rules, plus automatic sanctions for those who cannot stay within the rules. There are no fallacies of composition, only good and bad policies. And since states, from an ordoliberal viewpoint, cannot be relied upon to provide the necessary austerity because they are prone to capture, we must have rules and an independent monetary authority to ensure that states conform to the ordo imperative; hence, the ECB. Then, and only then, will grow ~ Mark Blyth

Climate change is the world's greatest environmental challenge. It is now plain that the emission of greenhouse gases, associated with industrialization and economic growth ... is causing global warming at a rate that is unsustainable. ~ Tony Blair

I turned fifty and decided to take a break. After twenty-five years of working, it seemed like a good idea. Honestly, I was feeling depleted. I still cared about my career and realized, amid a worsening economic climate, that I was lucky to have one. But that appreciation felt more lodged in my head than my heart. One day, United Airlines sent me a card, along with some new luggage tags, offering congratulations on having flown 2 million miles. Quick arithmetic translated all those zeroes into the equivalent of flying from one side of the country to the other every single day - Sundays, holidays, birthdays, sick or well - for more than two years. Maybe the card from United should have offered condolences. It all added up to an abiding fatigue. And a question: Did I want to fly 2 million more miles over the next twenty-five years of my life? Was I having a low-grade midlife crisis? I had no red sports car, reckless affair, ~ Marc Freedman

The 2010 global gender gap report by the World Economic Forum shows that countries with better gender equality have faster-growing, more competitive economies. ~ Michelle Bachelet

The increased global linkages promote economic growth in the world through two key mechanisms: the division of labor and the international spillovers of knowledge. ~ Toshihiko Fukui

The major impediment to experiencing the sacred depths of ordinary moments is the speed and distraction of contemporary life that moves to the imperatives of the global economic order.In addition, we increasingly live in a virtual world in which our reality is filtered through media and information technology. ~ Sam Keen

Europe has been in the grip of a very serious economic crisis for few years, so there have been major cuts to anti-terrorist funding, to intelligence funding. So we do not have the manpower to carry on this kind of monitoring. ~ Loretta Napoleoni

The situation - having to choose between imposing higher retail prices and reducing investments and military spending - created a dilemma for the government: deciding between conflict with the public or with the Party economic elite. But not making a decision heightened the risk that, as the crisis developed, there would be conflict with both the public and the elite.18 The new generation of leaders clearly did not understand this. The traditional management of the economy was oriented on natural, rather than abstract, parameters. The development of cattle breeding was discussed at the highest level more frequently than the country's budget. Industry and business leaders regarded finances as necessary but dreary bookkeeping.19 In addition, information on the real state of the budget, hard currency reserves, foreign debt, and balance of payments was available only to an extremely narrow circle of people, many of whom understood nothing about it anyway. ~ Yegor Gaidar

Economic and financial crisis are getting much more usual, and they are not confined to a given country but they immediately spread all over the world, and you have to be prepared for that. ~ Sebastian Pinera

The rest of the world needs the US economy and financial system to recover in order for it to revive. We remain at the center of global economic activity with financial and trade ties to every region of the globe. ~ Timothy Geithner

China is not only formidable, it is also aggressively building its own economic infrastructure. Just a few years from now, China will rival the U.S. and the European Union in global market power. It already has surpassed us in population. ~ Jo Ann Emerson

New Age values are conscious evolution, a non-sectarian society, a non-military culture, global sharing, healing the environment, sustainable economies, self-determination, social justice, economic empowerment of the poor, love, compassion in action, going beyond religious fundamentalism, going beyond nationalism-extreme nationalism, culture. ~ Deepak Chopra

Many of us like to think of financial economics as a science, but complex events like the financial crisis suggest that this conceit may be more wishful thinking than reality. ~ Andrew Lo

If challenges within this Global Economic sphere are not addressed, we risk having the same populace that celebrated the collapse of communism, or their future generations, rising up to demand that we go back to communistic approaches to the economy. Rising national debt of global powers, the growing gap between the rich and poor and the ripple effects of related threats, remain a challenge for the global economy. Will you be one of the leaders who have a unique mission with part of the illusive answers? Will you help more people rise to a better educational and economic status? ~ Archibald Marwizi

In a normal time, I don't think economic policy makes a large difference one way or another. But in times of crisis it makes all the difference in the world. ~ Mark Zandi

We need to respond to our present ecological crisis practically, by making appropriate social, political, economic, and technological changes. We need to look at the attitudes that have led to such devastation of the earth and to find a more harmonious way of living. And those of us who believe in the power of prayer need to pray for forgiveness and guidance. If a wiser and juster human order comes about, if a new harmony develops between humanity and the living world, this would indeed seem like an answer to prayer. ~ Rupert Sheldrake

There has been a banking crisis, a financial crisis, an economic crisis, a social crisis, a geostrategic crisis and an environmental crisis. That's considerable in a country that's used to being protected. ~ Jean-Francois Cope

Revolutions as often take place because the old regime simply collapse out of economic inefficiency and bureaucratic rigidity rather than for the reasons given out by their successors taking too much credit, however heroic their actions at the time of crisis (but so often in the past hopeless). ~ Bernard Crick

It is important that we note the weaknesses in our financial system, and work toward implementing solutions before the next crisis comes. Gordon L. Eade ~ Kenneth Eade

Power had preyed on weakness here: all kinds of power - local, racial, tribal, royal, national, global, economic - on all kinds of weakness, stopping at nothing, not even at the smallest girl child. But power does that everywhere. The world is saturated in blood. Every tribe has their blood-soaked legacy: here was mine. I waited for whatever cathartic feeling people hope to experience in such places, but I couldn't make myself believe the pain of my tribe was uniquely gathered here, in this place, the pain was too obviously everywhere, this just happened to be where they'd placed the monument. I gave up and went in search of Lamin. ~ Zadie Smith

I have begun drafting a memorandum for the prosecuting authorities, together with all evidence necessary to establish not only the existence of numerous specific instances of scientific or economic fraud in relation to the official "global warming" storyline but also the connections between these instances, and the overall scheme of deception that the individual artifices appear calculated to reinforce. ~ Christopher Monckton, 3rd Viscount Monckton Of Brenchley

The monetary union tries to handle two groups of countries which differ greatly in terms of economic culture. First, the North-West European countries [ ... ] which aspiring to rules and discipline, and the Mediterranean countries [ ... ] which aspiring political solutions to economic problems. The first group [ ... ] aspires to solidity, the second group aspires solidarity, that is to say; other people's money. ~ Frits Bolkestein

It is my hypothesis that the fundamental source of conflict in this new world will not be primarily ideological or primarily economic. The great divisions among humankind and the dominating source of conflict will be cultural. Nation-states will remain the most powerful actors in world affairs, but the principal conflicts of global politics will occur between nations and groups of different civilizations. The clash of civilizations will dominate global politics. The fault lines between civilizations will be the battle lines of the future. ~ Samuel P. Huntington

Compassion is something we can count on. Even if we face economic problems and our fortunes decline, we can still share our compassion with our fellow human beings. National and global economies are subject to many ups and downs, but through them all we can retain a compassionate attitude that will carry us through. ~ Dalai Lama

I think that if we don't get these politicians to come together we face the most predictable economic crisis in history. ~ Erskine Bowles

I hope my work contributes to understanding long-term patterns of human behavior and how we survive, thrive, or fail during times of environmental, social, and economic crisis. ~ Sarah Parcak