A Quote by David Stockman
The United States is broke — fiscally, morally, intellectually — and the Fed has incited a global currency war Japan just signed up, the Brazilians and Chinese are angry, and the German-dominated euro zone is crumbling that will soon overwhelm it. When the latest bubble pops, there will be nothing to stop the collapse. If this sounds like advice to get out of the markets and hide out in cash, it is.
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Another question has been raised rather widely in Europe, in Japan as well as in the United States is what, to what extent will the euro become a reserve currency.
You've got some very powerful countries: Poland, the United Kingdom, Sweden and others who have a genuine desire to see the euro zone straighten itself out. It's good for all of us, whether you're in the euro zone or not, to make sure that it doesn't lead to a fracturing.
I foresee the Chinese ruling the world. What are you going to do to stop it? No president of the United States will ever have enough power to stop the Chinese when they want to take over the world.
With the United States in slow long-term decline, how will that affect the position of English? And where will all that leave monolingual Britain? Our political leaders like to boast about how global Britain is, but when it comes to languages, it is near the bottom of the global league, together with another island state, Japan.
Revolutionary war is an antitoxin that not only eliminates the enemy's poison but also purges us of our own filth. Every just, revolutionary war is endowed with tremendous power and can transform many things or clear the way for their transformation. The Sino-Japanese war will transform both China and Japan; provided China perseveres in the War of Resistance and in the united front, the old Japan will surely be transformed into a new Japan and the old China into a new China, and people and everything else in both China and Japan will be transformed during and after the war.
If the stock market does go through a crisis of confidence, which I think clearly will happen one of these days, no one can predict just like you couldn't the dot com crash or the Lehman crash, but when it goes down it will go down by thousands of points because everyone will panic. No one owns this market today because they believe there's a huge sunny future for the United States economy. They're buying because they think the Fed can keep the thing pumped up, the bubble expanding.
As long as tides of war are in our favor, the United States will never stop fighting. As a consequence, the war will continue for several years, during which materiel will be exhausted, vessels and arms will be damaged, and they can be replaced only with great difficulties.
You will see the constitution of the United States almost destroyed. It will hang like a thread.... A terrible revolution will take place in the land of America.... [T]he land will be left without a Supreme Government,... [Mormonism] will have gathered strength, sending out Elders to gather the honest in heart... to stand by the Constitution of the United States.... In these days... God will set up a Kingdom, never to be thrown down.... [T]he whole of America will be made the Zion of God.
At home in the states, I think there's a tendency in the states to go for the latest, greatest thing. The latest, greatest is the latest greatest. I think when you're talking about France, England, things like that, they look for the history of an artist and they go back when it comes to music like this anyway. They will go back a little bit further. I think the United States is very knowledgeable and it's a good place to play.
But I would bet that the euro continues to exist and that its importance as a global currency will likely increase.
I think the Chinese will say the hell with you and pull their money out of the United States. That's the end of our wars.
The United States is and will continue to be the most important country in the world, economically, militarily, intellectually. There's nothing that four years of Trump can do to stop that. What it is no longer, during the Trump years, is the leading source for better governmental arrangements between countries.
We are keen to stress that a strong euro zone is good for a strong United Kingdom. It's not for us to write the changes that the euro zone needs to embark on.
For a small open economy that trades mostly with the euro zone it makes absolute sense to be part of the currency union. Our currency has already pegged to the euro since 2002. We don't have an independent monetary policy. We are regulated by the European Central Bank in Frankfurt, but we are not able to reap all the profits. Our businesses want to save the transaction costs.
France, like every other Western country except the United States, has long accepted the principle that comprehensive health care is the right of every citizen. No Frenchman need ever fear that catastrophic illness will wipe him out financially. How long, do you suppose, will it take us, in the United States, to catch up?
Look at any financial institution, at any bank. They're all photocopies of each other. There's no diversity of institutions and even less diversity of currency. Therefore, just as you say its very logical that an ecosystem like this will collapse, it's very predictable a monetary system like this will collapse, too. And it hasn't finished collapsing, by the way.
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