A Quote by P. J. O'Rourke
There are a few things that people all around the world need to admit to themselves. Trade restraints slow economic growth, the euro is not a reserve currency, and scoreless sports ties are boring.
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...let's talk about soccer scores. There are a few things that people all around the world need to admit to themselves. Trade restraints slow economic growth, the euro is not a reserve currency and scoreless sports ties are boring.
The reserve currency role seems to add prestige to an area and some people in Europe have talked about the desirability of the euro becoming an international reserve currency.
So if the euro, if Euroland is to become a reserve center, if the euro is to become a reserve currency, Euroland will have to have a deficit in its overall balance of payments.
The euro zone was driven by the neoliberal view that markets are always efficient. That in itself is political. There was no pressing economic need that the euro was required to solve, but leaders believed that it would foster growth.
We think that`s necessary just as a foundation for economic growth. It`s not the jobs in and of themselves, which you do make by building bridges and things like this, but it`s the economic growth that comes from having a modern infrastructure that is in dire need of repair.
No good libertarian I know wants us to completely isolate ourselves from the rest of the world. It's not even possible. I mean there are economic ties - there are trade routes that need to be secured. You know international trade can't happen if you don't have open oceans.
I believe that trade is essential for economic growth and development around the world, but I also believe that trade is imperfect.
Thanks to the euro, our pockets will soon hold solid evidence of a European identity. We need to build on this, and make the euro more than a currency and Europe more than a territory... In the next six months, we will talk a lot about political union, and rightly so. Political union is inseparable from economic union. Stronger growth and Euorpean integration are related issues. In both areas we will take concrete steps forward.
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.
Concerning the common currency: today, the euro is not worth it for Poland. The reason why we survived the financial and economic crisis quite well is that we have a national currency. This will not change in the near future.
I'm not expecting a big sell-off but I do think that if we don't have a move toward economic growth and policies that will promote economic growth and get us out of this 2 percent world - we really need to see 4 percent, 5 percent - to see jobs created, and if we don't see that longer-term, yeah the market will sell-off...[but] I do think things are getting better. It's just been very slow.
The growth of women's soccer and women's sports all around the world has been slow.
Americas largest trade deficit is with China, a nation that enjoys Permanent Normal Trade Relations with the U.S. and ties its currency to the dollar to make it a more competitive trading partner.
China has made important contribution to the world economy in terms of total economic output and trade, and the RMB has played a role in the world economic development. But making the RMB an international currency will be a fairly long process.
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.
Economic growth must be the central issue because it is only through growth that the devastating threat of national bankruptcy can be averted. Furthermore, it is only by reviving American economic growth that the West's global predominance can be sustained, and peace and freedom kept secure around the world.
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