A Quote by Henry Paulson
From the beginning of time, we've had financial crises. People always blame the banks and for good reason. When you look for the root causes, they're almost always failed government policies.
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The Death of Money is an engrossing account of the massive stresses accumulating in the global financial system, especially since the 2008 financial crisis. Jim Rickards is a natural teacher. Any serious student of financial crises and their root causes needs to read this book.
Financial institutions have been merging into a smaller number of very large banks. Almost all banks are interrelated. So the financial ecology is swelling into gigantic, incestuous, bureaucratic banks-when one fails, they all fall. We have moved from a diversified ecology of small banks, with varied lending policies, to a more homogeneous framework of firms that all resemble one another. True, we now have fewer failures, but when they occur... I shiver at the thought.
I believe that the root cause of every financial crisis, the root cause, is flawed government policies
I believe that the root cause of every financial crisis, the root cause, is flawed government policies.
In the financial system we have today, with less risk concentrated in banks, the probability of systemic financial crises may be lower than in traditional bank-centered financial systems
In the financial system we have today, with less risk concentrated in banks, the probability of systemic financial crises may be lower than in traditional bank-centered financial systems.
The reason socialism has failed around the world every time it's been tried is because people in socialist countries have looked at the United States and have said if they can have it that good, we can. It's a failed, flawed ideology, but if you ask socialists why it's always failed, it's because the United States has stood in the way.
Barack Obama is an opportunist, mostly supported by the financial institutions. He had no positions on anything. He's very intelligent. If you look at his program, almost no substance. Change, hope, what's that? I mean, he had some policies, but it was almost certain that he would give them up instantly, which he did.
Always, when things don't go the way that everyone expects, people - the supporters as well - always look for someone to blame. In some cases, they blame the players.
Critics, often for good reason, are concerned that the Fed is wielding its vast powers in the interests of the banks and not in the interests of the people. After the financial crisis, Americans have perceived that the banks have been bailed out, but a significant proportion of the population is still in serious economic trouble.
That's the problem with the financial sector. Banks and the financial sector live in the short run, not the long run. In principle the government is supposed to make regulations that help the economy over time. But once it's taken over by the financial sector, the government lives in the short run too.
We can send all the blame to any government we like. We can say President Trump's policies are wrong. We can say Mexico's policies are wrong. But, what about our blame?
When Marxist dictators shoot their way into power in Central America, the Democrats don't blame the guerrillas and their Soviet allies, they blame United States' policies of one hundred years ago, but then they always blame America first.
Clearly it is not reason that has failed. What has failed-as it has always failed-is the attempt to achieve certainty, to reach an absolute, to find the course of human events to a final end. It is not reason that has promised to eliminate risk in human undertakings; it is the emotional needs of men.
It's not natural disasters that are to blame for the deprivation of the North Korean people, but the failed policies of Kim Jong Il.
We have always been a party that has had policies on everything, from education to the economy to the environment. We have always said that, if you are serious about the environment, then the policies that you need to change most are the economic policies.
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