As long as we place millions of Indians at the canter of our thought process, as long as we think of their welfare, their future, their opportunities for self realization we are on the right track. For India can grow, prosper, flourish only if they grow, prosper, flourish. We cannot grow by any esoteric strategies. Our purchasing power, our economic strength, our marketplace all depends on the prosperity of our people.
China has really succeeded because of its stability. So my feeling is, how are they going to maintain this fantastic stability in a very fast changing economic situation. I think this is a challenge we face, how the global region will evolve in stability with such a fast growth. If they succeed to do that, no doubt, in the next generation it will be the major area of the world, economically.
China is clearly going to be the number one economic power and it is already full of potential.. with lots of population and the buying power increasing by the day. .
I beg you, look for the words ‘social justice’ or ‘economic justice’ on your church Web site. If you find it, run as fast as you can. Social justice and economic justice, they are code words.
The basic prescription for preventing deflation is straightforward, at least in principle: Use monetary and fiscal policy as needed to support aggregate spending, in a manner as nearly consistent as possible with full utilization of economic resources and low and stable inflation. In other words, the best way to get out of trouble is not to get into it in the first place.
The sources of deflation are not a mystery. Deflation is in almost all cases a side effect of a collapse of aggregate demand.. a drop in spending so severe that producers must cut prices on an ongoing basis in order to find buyers.
Over the years, the U.S. economy has shown a remarkable ability to absorb shocks of all kinds, to recover, and to continue to grow. Flexible and efficient markets for labor and capital, an entrepreneurial tradition, and a general willingness to tolerate and even embrace technological and economic change all contribute to this resiliency.
There’s no denying that a collapse in stock prices today would pose serious macroeconomic challenges for the United States. Consumer spending would slow, and the U.S. economy would become less of a magnet for foreign investors. Economic growth, which in any case has recently been at unsustainable levels, would decline somewhat. History proves, however, that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.
The economic repercussions of a stock market crash depend less on the severity of the crash itself than on the response of economic policymakers, particularly central bankers.
A collapse in U.S. stock prices certainly would cause a lot of white knuckles on Wall Street. But what effect would it have on the broader U.S. economy? If Wall Street crashes, does Main Street follow? Not necessarily.
The change we need is fixing this broken economy from the bottom up.. not tax breaks for the wealthy and huge corporations that ship U.S. jobs overseas. We need to focus on defeating al Qaeda and the Taliban and restoring America’s standing in the world.. not an unending commitment in Iraq.
Eliminating the tax breaks is not going to keep jobs here in America. We’ve got to make it more attractive to have jobs here in America and for corporations to be here. You’ve got to take the burden off the corporations with a health care system that’s universal, so we’re not at a competitive disadvantage. You’ve got to have a better education system to provide for the highest-tech jobs that we educate our folks for, so we’re not importing 400,000 computer engineers to work in Silicon Valley. And you’ve got to deal with the innovation and infrastructure needs in this country.. tunnels, bridges, etc… which we haven’t done to make us more competitive.
My position is that I am personally opposed to abortion, but I don’t think I have a right to impose my view on the rest of society. I’ve thought a lot about it, and my position probably doesn’t please anyone. I think the government should stay out completely. I will not vote to overturn the Court’s decision. I will not vote to curtail a woman’s right to choose abortion. But I will also not vote to use federal funds to fund abortion.
The blunt truth about the politics of climate change is that no country will want to sacrifice its economy in order to meet this challenge, but all economies know that the only sensible long term way of developing is to do it on a sustainable basis.
If we are going to carry on growing, and we will, because no country is going to forfeit its right to economic growth, we have to find a way of doing it sustainably.
Public education is the key civil rights issue of the 21st century. Our nation’s knowledge-based economy demands that we provide young people from all backgrounds and circumstances with the education and skills necessary to become knowledge workers. If we don’t, we run the risk of creating an even larger gap between the middle class and the poor. This gap threatens our democracy, our society and the economic future of America.
The Greens will continue to champion a fairer society rather than simply the economy and to champion the parliament rather than simply the stock exchange.
Keeping taxes low and restraining spending leads to a vibrant economy; it leads to new jobs; it leads to better opportunities; and it leads to a shrinking deficit.
You know, in this business, you don’t have any control over what the press says and how they portray things. And that’s their prerogative. But I think anybody who looks at it objectively has trouble making the case that somehow this is a bad economy.
In the new economy, information, education, and motivation are everything.
In today’s knowledge-based economy, what you earn depends on what you learn. Jobs in the information technology sector, for example, pay 85 percent more than the private sector average.
No government can love a child, and no policy can substitute for a family’s care. But at the same time, government can either support or undermine families as they cope with moral, social and economic stresses of caring for children.
Hillary Rodham Clinton
If we only have great companies, we will merely have a prosperous society, not a great one. Economic growth and power are the means, not the definition, of a great nation.
The prudential regulation that I have put in place has been absolutely critical. The fiscal policy which we have put in place has been absolutely critical and if people looked at Australia now turn its back on economic reform, which of course industrial relations rollback or throwback would be, let me tell you, that would really start affecting confidence.
Mr. Greenspan did a very good job in the early 1990’s. But recently he’s fallen prey to this crazy theory that prosperity causes inflation. So they’re trying to slow the economy down by raising interest rates. It’s like a doctor saying you’re in great health, so we have to make you sick a little bit. It’s a bizarre theory. It’s going to hurt our economy.
America has the potential for the greatest economic boom and spiritual renewal in our history. But we’re being held back by Washington politics as usual. It’s time we move forward.
The only way that has ever been discovered to have a lot of people cooperate together voluntarily is through the free market. And that’s why it’s so essential to preserving individual freedom.
Nobody spends somebody else’s money as carefully as he spends his own. Nobody uses somebody else’s resources as carefully as he uses his own. So if you want efficiency and effectiveness, if you want knowledge to be properly utilized, you have to do it through the means of private property.
The most important single central fact about a free market is that no exchange takes place unless both parties benefit.
The most important ways in which I think the Internet will affect the big issue is that it will make it more difficult for government to collect taxes.
The black market was a way of getting around government controls. It was a way of enabling the free market to work. It was a way of opening up, enabling people.
Economic development over the past two centuries has taken most of humanity from lives that were brutal, ignorant and short, to personal health and security, material comfort and knowledge that were unknown to the elites of the wealthiest and most powerful societies in earlier times.
The lnternet is turning economics inside-out. For example, everybody on the internet now wants stuff for free and there are so many free services available.
Including everyone in the economic, wealth-creating life of the nation is today the best way for Labor (Australian Labor Party) to meet its twin goals of raising national prosperity and creating a fair and decent society.
Julia Gillard – Social – Australia – Economy – Wealth – Goals
As our economy faces up to potential labour shortages due to our ageing population and as it moves to a new level of sophistication to compete with the rest of the world, we’re going to need every Australian on board pulling their weight, rejoining the workforce, gaining new skills. Writing off individuals and communities suffering from poverty just creates a dead weight for our economy to drag along.
We see community organizations as major service providers and economic drivers rather than as recipients or distributors of charity, and coordinators of volunteers. Today they constitute what’s referred to as ‘the social economy’.
The concept of social inclusion in essence means replacing a welfarist approach to helping the underprivileged with one of investing in them and their communities to bring them into the mainstream market economy. It’s a modern and fresh approach that views everyone as a potential wealth creator and invests in their human capital. My reason for adopting such an approach is simple: at a time when Australia needs more skilled people and has an ageing population, we simply can’t afford to have one in ten or more of our people out of the workforce due to unemployment, low skills or the effects of chronic poverty. Social inclusion is an economic imperative.
The message from Wal-Mart today to the rest of the business community is there need not be any conflict between the environment and the economy. We will find the way not only to reconcile (those), but to find new profits and new opportunities as we do the right thing.
We have to shift our emphasis from economic efficiency and materialism towards a sustainable quality of life and to healing of our society, of our people and our ecological systems.
Janet Holmes a Court
I’ve never believed in lower wages. Never. Never believed in lower wages, I’ve never believed in lower wages as an economic instrument.
Goldman Sachs was fundamentally responsible for the crash of 2008, but by that time its former Chairman and Chief Executive Officer, Henry ‘Hank’ Paulson, had been installed as US Treasury Secretary to begin the bank bail out policy, with enormous benefit to Goldman Sachs, in the closing weeks of the Bush administration. Goldman Sachs was also instrumental in the collapse of the economy in Greece that started the ‘euro panic’ that later engulfed Ireland.
The gang that trashed the town was now back in town to trash it even more and you’ll never guess.. they decided that the only way to save an economy brought to its knees by their collective actions and the banking system they represent was to, well, no, surely not.. hand trillions of taxpayer-borrowed dollars to the Rothschild-controlled banks and insurance companies like CitiGroup, J. P. Morgan, AIG and a long list of others.
It’s a different kind of economic recovery. The kind where bankers steal trillions and you don’t have a job.
Philanthropy is commendable, but it must not cause the philanthropist to overlook the circumstances of economic injustice which make philanthropy necessary.
Martin Luther King Jr
Power properly understood is nothing but the ability to achieve purpose. It is the strength required to bring about social, political and economic change.
Martin Luther King Jr
Republican leaders have made clear they have no plans to use the power of government to stimulate the economy, invest in job creation and spur job growth. The Fed’s plan is to give banks more money to finance the private sector job creation. But banks have ample cash now; they aren’t lending, and the private sector is not creating the jobs. That is why we have 15 million people unemployed.
The problems that exist on Wall Street today go to the center of a debate in this country about wealth and democracy. We cannot keep our democracy if those who are in charge of handling the engines of our economy are not honest with their shareholders. That’s why there is a role for government regulation here. That role for government is breaking up the monopolies, insisting on public disclosure, insisting on public audits, insisting on restitution whenever someone has been cheated.
We have weapons of mass destruction we have to address here at home. Poverty is a weapon of mass destruction. Homelessness is a weapon of mass destruction. Unemployment is a weapon of mass destruction.
Today we have a temporary aberration called “industrial capitalism” which is inadvertently liquidating its two most important sources of capital.. the natural world and properly functioning societies. No sensible capitalist would do that.
In the model that we grew up with, governments rule physical territory in which national economies function, and strong economies support hegemonic military power. In the new model, already emerging under our noses, economic decisions don’t pay much attention to national sovereignty in a world where more than half of the one hundred or two hundred largest economic entities are not countries but companies.
Economies are supposed to serve human ends.. not the other way round. We forget at our peril that markets make a good servant, a bad master and a worse religion.
I once met an economist who believed that everything was fungible for money, so I suggested he enclose himself in a large bell-jar with as much money as he wanted and see how long he lasted.
Most of us at the Reserve Bank come from a background in economics and hence have a predisposition in favour of free markets and a sceptical attitude towards intervention in those markets unless there is a clearly defined economic rationale for it.
For equity markets, the combination of low interest rates, strong economic growth and low inflation has proved very beneficial, with global share markets rising solidly in each of the past three years. This has been underpinned by strong growth in profits so that, notwithstanding the rise in share prices, P/E ratios have been declining on average.
For years I have made the point that progress in winding back economic slack is made not by high growth in any individual year, but by maintaining an expansion over a sustained period.
Political economy regards the proletarian like a horse, he must receive enough to enable him to work. It does not consider him, during the time when he is not working, as a human being. It leaves this to criminal law, doctors, religion, statistical tables, politics, and the beadle.
Our nation has both an obligation and self-interest in facing head-on the serious environmental, economic and national security threat posed by global warming.
America has much to gain in terms of jobs and trade by meeting the growing world demand for advanced, environmentally sound technologies.
Some of our businesses use more energy than others, but our strategy everywhere is the same.. first, reduce our use of energy as much as possible. Then, switch to renewable sources of power where it makes economic sense. And, over time, as a last resort, offset the emissions we can’t avoid.
The Federal Reserve and Congress have systematically taught the American people to trust the government and that caution in spending is harmful to the economy.
War is never economically beneficial except for those in position to profit from war expenditures.
First reason is, it’s not authorized in the Constitution, it’s an illegal institution. The second reason, it’s an immoral institution, because we have delivered to a secretive body the privilege of creating money out of thin air; if you or I did it, we’d be called counterfeiters, so why have we legalized counterfeiting? But the economic reasons are overwhelming: the Federal Reserve is the creature that destroys value. (Ron Paul talking about why the Federal Reserve shouldn’t exist)
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.
When the federal government spends more each year than it collects in tax revenues, it has three choices: It can raise taxes, print money, or borrow money. While these actions may benefit politicians, all three options are bad for average Americans. Deficits mean future tax increases, pure and simple. Deficit spending should be viewed as a tax on future generations, and politicians who create deficits should be exposed as tax hikers.
We are talking about an awesome power. It is the power to weave illusions that appear real as long as they last. That is the very core of the Fed’s power. Of course not everyone is instinctively against this illusion-weaving power, and many even welcome it. Tragically, the innocent who understand little about the complexity of the monetary system suffer the most, while those who are in the know reap great profit whether the market is going up or down.
What’s happening is, there’s transfer of wealth from the poor and the middle class to the wealthy. This comes about because of the monetary system that we have. When you inflate a currency or destroy a currency, the middle class gets wiped out. So the people who get to use the money first which is created by the Federal Reserve system benefit. So the money gravitates to the banks and to Wall Street. That’s why you have more billionaires than ever before.
Capitalism should not be condemned, since we haven’t had capitalism. A system of capitalism presumes sound money, not fiat money manipulated by a central bank. Capitalism cherishes voluntary contracts and interest rates that are determined by savings, not credit creation by a central bank. It’s not capitalism when the system is plagued with incomprehensible rules regarding mergers, acquisitions, and stock sales, along with wage controls, price controls, protectionism, corporate subsidies, international management of trade, complex and punishing corporate taxes, privileged government contracts to the military-industrial complex, and a foreign policy controlled by corporate interests and overseas investments. Add to this centralized federal mismanagement of farming, education, medicine, insurance, banking and welfare. This is not capitalism!
Given the current state of our finances, we could sure use a quarter of a trillion dollars a year recycling through the U.S. economy rather than through the economies of Iran, Russia, and Venezuela.
T. Boone Pickens
We still have a great amount of work to do in social development, including resolving one of the biggest challenges we face in this area, namely, reducing the gap between high-income earners and people, citizens of our country, who are still living on very modest means indeed. But we cannot, of course, adopt the solution used 80 years ago and simply confiscate the riches of some to redistribute among others. We will use completely different means to resolve this problem, namely, we will ensure good economic growth.
My father’s vision was to see the Pilbara developed in a way that would benefit his beloved north, and West Australia and he wanted to see Australia become a stronger economy benefiting from the development of our north. His life was spent pursuing that vision.
For more than a century, ideological extremists at either end of the political spectrum have seized upon well-publicized incidents such as my encounter with (Fidel) Castro to attack the Rockefeller family for the inordinate influence they claim we wield over American political and economic institutions. Some even believe we are part of a secret cabal working against the best interests of the United States, characterizing my family and me as ‘internationalists’ and of conspiring with others around the world to build a more integrated global political and economic structure.. one world, if you will. If that is the charge, I stand guilty, and I am proud of it.
Populists believe in conspiracies, and one of the most enduring is that a secret group of international bankers and capitalists, and their minions, control the world’s economy. Because of my name and prominence as the head of the Chase for many years, I have earned the distinction of the “conspirator in chief” from these people.
Politics is about power. It is about the power of the state. It is about the power of the state as applied to individuals, the society in which they live and the economy in which they work. Most critically, our responsibility in this parliament is how that power is used: whether it is used for the benefit of the few or the many.
Education is both a tool of social justice as well as a fundamental driver of economic development.
I think that if it is.. has to do with global warming, or if it has to do with raising the minimum wage, or if it has to do with lowering prescription drugs for vulnerable citizens.. all of those things are people issues, not Democratic issues or Republican issues.
We no longer see the world as a single entity. We’ve moved to cities and we think the economy is what gives us our life, that if the economy is strong we can afford garbage collection and sewage disposal and fresh food and water and electricity. We go through life thinking that money is the key to having whatever we want, without regard to what it does to the rest of the world.
I’ve never believed protectionism of that kind will lead us anywhere. I think you can have certain specific rules for engaging with India.. for example, not allowing mineral resources to be taken out of the country.. but there is not a shred of doubt in my mind that when you open an economy you should do it in totality. Foreign investment adds a sense of competition; we should see this as a wake-up call to modernise and upgrade. Companies that do not will undoubtedly die.
The country is now universally recognised as a nation on the move and takes its place amongst the successful economies in the region. The future potential is enormous but the country’s destiny is in our hands. The time has come to move from small increments to bold, large initiatives. The time has come to stretch the envelope and set goals which were earlier not seen to be possible. The time has come for performance to be measured and for allocated funds of the government to reach the people for whom they were intended.
How about no income tax at all on people over 65? People would continue working, remain healthier, not be an economic and social drain on society. Then the elderly would also have more disposable income to help charitable activities.
People ask me, how is managing in the New Economy different from managing in the Old Economy? Actually, it’s a lot the same. It’s about the financial discipline of the bottom line, understanding your customers, segmenting your customers by their needs, and building a world-class management team.
We can’t impede progress in the name of environmental action that yields little for the environment and even less for our people.. and we should look at the environment as an economic opportunity.
In my judgment, we have to avoid, at all costs, tax increases. That would be the worst possible thing to do and will make a bad economy even worse. Beyond that, targeted tax relief should be expanded upon.
Poverty has been created by the economic and social system that we have designed for the world. It is the institutions that we have built and feel so proud of, which created poverty them.
The single biggest issue that I’m very sensitive to is inflation. I’m very concerned that this extended period where the interest rates were quite low and stimulated a lot of activity could breed inflation and create a problem for us.
Interest rates are going to go up because employment is going to go up. If employment goes up, then our apartments get filled. And if employment goes up, our office buildings get filled. The reality is that increased economic activity combined with increased interest rates is basically bullish for real estate.