A Quote by Robert Zoellick
When I work with countries struggling to pay for budgets or finance trade deficits, I reflect on how Americans do not spend a moment considering the unique advantages of being able to issue bonds and print money freely.
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The time will come, and probably during 2009, that the only way the U.S. will be able to fund its deficits is to create money by printing it. The Treasury will have to sell bonds, and, in the absence of foreign buyers, the Fed will have to print the money to buy them. The consequence will be runaway inflation, increasing interest rates, recession, and inevitable tax increases on all Americans.
By creating the European Central Bank, the member states exposed their own government bonds to the risk of default. Developed countries that issue bonds in their own currency never default, because they can always print money. Their currency may depreciate, but the risk of default is absent.
I don't want euro bonds that serve to mutualize the entire debt of the countries in the euro zone. That can only work in the longer-term. I want euro bonds to be used to finance targeted investments in future-oriented growth projects. It isn't the same thing. Let's call them 'project bonds' instead of euro bonds.
We will trade freely with free nations and not spend our time chasing trade deals with predatory countries like communist China.
I'm very lucky to be able to work in print and radio. I'm very lucky to be able to work at a time when finance and economics are really important. And the number of people who tell finance and economic stories in a kind of accessible storytelling way, there's much more demand than there is supply.
To finance deficits, the government must sell bonds to investors, competing for capital that could otherwise be used to invest in stocks or corporate bonds. Government borrowings raise long-term interest rates, stifling economic growth.
All the states are required, either by constitution or by statute, to have balanced budgets - they're not able to print money. So they have to focus on establishing priorities.
When there are deportations, you better believe there are families involved - there are parents being separated from their children. It doesn't reflect our values as Americans, and I don't think it fixes the issue. I think there would be a lot of advantages to creating paths to citizenship for people who are already working here so they are contributing to our economy.
Self-publishing worked for me. Being able to put your work in print, even if it's a tiny print-on-demand print run of a dozen or so copies, shows publishers and editors a completed piece of work and that you can follow through on a project.
When the economy is still struggling, putting people back to work, finding ways to spur economic activity, ultimately can help to reduce the structural deficits and debts that countries experience.
Bilateral trade deficits are not evil; historically, better growth in the U.S. economy has led to larger trade deficits.
A cap and trade bill will likely increase the costs of electricity. . . . These costs will be passed on to the consumers. But the issue is, how does it actually...how do we interact in terms with the rest of the world? If other countries don't impose a cost on carbon, then we would be at a disadvantage. . . . We should look at considering duties that would offset that cost.
We take smaller companies and middle-sized companies, all around the world, and we do currency exchange for them; we raise bonds and equities for them; and we do inventory finance, trade finance, and custody of assets.
The science shows that the best way to use money is to take the issue of money off the people. Pay people enough so that money isn't an issue, and they can focus on doing great work.
The core of America is not racist. It is not hostile to women. It is increasingly offended by gay bashing. Yet it abhors government waste. It believes strongly in fiscal responsibility such as balanced budgets. It is pro-economic growth. It is concerned about the environment. It is intolerant of people on welfare who disdain the notion of work. But it wants poor kids to have school lunches and it wants to spend money to have good schools. In sum, most Americans are sensible, good-hearted, and prudent. The issue, then, is whether there is a political party that can welcome them home.
If there are countries that discriminate against the gay community, they are the countries that I will not spend my own personal money. I will go for work there, but I will not spend my own money there. Why would I?
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