A Quote by Joseph Stiglitz

The powershift began already several years ago, under the Bush administration, when the dollar became very volatile and started declining. That is when China shifted from having almost 100 percent of its reserves in dollars to 75 percent. Some countries went completely out of the dollar. The dollar, for all intents and purposes, lost its special reserve status and people starting talking about a portfolio, or basket, approach as a store of wealth instead of the dollar.

Joseph Stiglitz

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About Administration Almost Approach Basket Became Began Bush Bush Administration China Countries Declining Dollar Dollars Having Instead Lost Out People Percent Portfolio Purposes Reserve Reserves Several Shifted Some Special Started Starting Status Store Talking Very Volatile Wealth Years Years Ago

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Joseph Stiglitz
American - Economist
Born: February 9, 1943

But then in April of 1985 the dollar began a sharp decline. The dollar's trade weighted value fell 23 percent in just 12 months and by a total of 37 percent by the beginning of 1988.

Martin Feldstein

I am concerned about the erraticness of the dollar. The dollar is up, the dollar is down. We print a lot of dollars. The dollar gets devalued. That is really the concern. If people think the gold price up and down is a reflection of something wrong with gold, no - I say it is something wrong with the dollar.

Ron Paul

The trouble with America is that when the dollar only earns 6 percent over here, then it gets restless and goes overseas to get 100 percent. Then the flag follows the dollar and the soldiers follow the flag.

Smedley Butler

If we continue on the trend we’re on, we can reduce extreme poverty by more than 60 percent-lifting more than 700 million people out of dollar-and-a-quarter a day poverty and back from the brink of hunger and malnutrition. But if we accelerate our progress from 3 percent annual reduction to over 6 percent and focus on key turnarounds in some difficult countries, we could get a 90 percent reduction. We could essentially eliminate dollar-and-a-quarter head count poverty.

Rajiv Shah

The value of a dollar is to buy just things; a dollar goes on increasing in value with all the genius and all the virtue of the world. A dollar in a university is worth more than a dollar in a jail; in a temperate, schooled, law-abiding community than in some sink of crime, where dice, knives, and arsenic are in constant play.

Ralph Waldo Emerson

My single biggest financial concern is the loss of the dollar as the reserve currency. I can't imagine anything more disastrous to our country. . .you're already seeing things in the markets that are suggesting that confidence in the dollar is waning. . .I think you could see a 25% reduction in the standard of living in this country if the U.S. dollar was no longer the world's reserve currency. That's how valuable it is.

Sam Zell

I believe in adequate defense at the coastline and nothing else. If a nation comes over here to fight, then we'll fight. The trouble with America is that when the dollar only earns 6 percent over here, then it gets restless and goes overseas to get 100 percent. Then the flag follows the dollar and the soldiers follow the flag.

Smedley Butler

Over time, there's a very close correlation between what happens to the dollar and what happens to the price of oil. When the dollar gets week, the price of oil, which, as you know, and other commodities are denominated in dollars, they go up. We saw it in the '70s, when the dollar was savagely weakened.

Steve Forbes

'As a fraction of your tax dollar today, what is the total cost of all spaceborne telescopes, planetary probes, the rovers on Mars, the International Space Station, the space shuttle, telescopes yet to orbit, and missions yet to fly?' Answer: one-half of one percent of each tax dollar. Half a penny. I'd prefer it were more: perhaps two cents on the dollar. Even during the storied Apollo era, peak NASA spending amounted to little more than four cents on the tax dollar.

Neil deGrasse Tyson

We are privileged that the dollar is the "currency of last resort" and the most important currency in the world. Global commodities are priced in dollars. Central banks in other countries hold great quantities of dollars. The dollar was the safe harbor, the port in the storm during the credit crisis.

Kabir Sehgal

The dollar represents a one dollar debt to the Federal Reserve System. The Federal Reserve Banks create money out of thin air to buy Government Bonds from the U.S. Treasury...and has created out of nothing a ... debt which the American people are obliged to pay with interest.

Wright Patman

The good news is that a competitive dollar in the global market and a strong dollar at home are compatible in both the long run and during the transition to a more competitive dollar.

Martin Feldstein

I was always a kid trying to make a buck. I borrowed a dollar from my dad, went to the penny candy store, bought a dollar's worth of candy, set up my booth, and sold candy for five cents apiece. Ate half my inventory, made $2.50, gave my dad back his dollar.

Guy Fieri

If a woman earned a dollar by scrubbing, her husband had a right to take the dollar and go and get drunk with it and beat her afterwards. It was his dollar.

Lucy Stone

Spending an extra dollar on the D.C. public school system isn't spending an extra dollar on education. Spending an extra dollar with the Pentagon doesn't buy you an extra dollar on defense. Republicans need to look skeptically at military spending.

Grover Norquist

Back in 1960, the paper dollar and the silver dollar both were the same value. They circulated next to each other. Today? The paper dollar has lost 95% of its value, while the silver dollar is worth $34, and produced a 2-3 times rise in real value. Since we left the gold standard in 1971, both gold and silver have become superior inflation hedges.

Mark Skousen

A Quote by Joseph Stiglitz

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