A Quote by George Soros
Giving government aid to a bank basically transforms it into a utility. The huge salaries in this sector are only a symptom of a more profound misalignment. The profitability of the finance industry has been excessive. [...] That was absurd.
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70 to 80 percent of country economy is controlled by the Bolivian state, and the other percentage by the private sector. We admit that it's legal, constitutional, that the private sector is entitled to its own economy, but to ensure these profound changes that clearly this government is promoting, including profound changes in the food industry, what we are doing is an important step.
Let's not forget, it was the government, Department of Finance and Central Bank that decided to unfairly land the taxpayers of this country with unmitigated losses of Anglo and massive legacy issues that would have been expected when nationalising a fraudulent bank.
If bankers can push the loans and make more profits for the bank, they get paid higher bonuses. They often also get stock options. If the bank goes under, they get to keep all of these salaries and options - and the government will bail out the bank. These guys will take their money and run, which is pretty much what they're doing now.
I love rap, and part of hip-hop culture is being excessive and absurd, and I can't be excessive and absurd without sounding corny. So I have to do it in a very truthful, weird way.
There is a profound contrast between the effects of foreign aid and of voluntary private investment: foreign aid goes from government to government. It is therefore almost inevitably statist and socialistic.
Uganda's budget is 40 percent aid-dependent. Ghana's budget is 50 percent aid-dependent. Even if you cancel the debt, you don't eliminate that aid dependency. This is what I mean by getting to the fundamental root causes of the problem. Government, the state sectors in many African countries need to be slashed so that, you know, you put a greater deal of reliance on the private sector. The private sector is the engine of growth. Africa's economy needs to grow but they're not growing.
Private sector unionization is down to practically seven percent. Meanwhile the public sector unions have kind of sustained themselves [even] under attack, but in the last few years, there's been a sharp [increase in the] attack on public sector unions, which Barack Obama has participated in, in fact. When you freeze salaries of federal workers, that's equivalent to taxing public sector people.
Basically, I think society functions thanks to how certain key industries work - government, finance, healthcare, education, energy. Pretty much all of these have a huge impact on everything else.
The only solace can come from the state. In the Boston bombing, only a handful of people died in the end, even though a huge number were injured - and that was a huge attack in America. The government was very involved in providing aid and following up in the investigation.
The financial sector has so distorted salaries that physicists are getting drawn into the financial sector. All that has led to an undersupply of people committed to the public sector.
In the past we entrusted money to the government sector and the government sector simply did not spend the money wisely. And that is why we need reforms, but the government sector is not being reformed.
Abraham Maslow said that the fully realized person transcends his local group and identifies with the species. But the election of Ronald Reagan might've been the beginning of my giving up on my species. Because it was absurd. To this day it remains absurd. More than absurd, it was frightening: it represented the rise to supremacy of darkness, the ascendancy of ignorance.
Oil is once again robbing the industry of a return to profitability. Cost reductions and efficiency gains have never been more critical.
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.
In World War II, the government went to the private sector. The government asked the private sector for help in doing things that the government could not do. The private sector complied. That is what I am suggesting.
Let's face a historical truth: we have never had a "free market", we have always had government intervention in the economy, and indeed that intervention has been welcomed by the captains of finance and industry. They had no quarrel with "big government" when it served their needs.
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