A Quote by Timothy Geithner
Never before in modern times has so much of the world been simultaneously hit by a confluence of economic and financial turmoil such as we are now living through.
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This empire, unlike any other in the history of the world, has been built primarily through economic manipulation, through cheating, through fraud, through seducing people into our way of life, through the economic hit men. I was very much a part of that.
The West has never been all of the world that matters. The West has not been the only actor on the stage of modern history even at the peak of the West's power (and this peak has perhaps now already been passed)... It has not been the West that has been hit by the world; it has been the world that has been hit - and hit hard - by the West.
We are living through the most exciting, challenging and most critical time in human history. Never before has so much been possible; and never before has so much been at stake.
I think the '60s were an extraordinary time. I feel bad for the kids today who missed this wonderful confluence, which was simultaneously a confluence of the global and the mythological.
The problem of living in this modern world is the problem of finding room in it. The crowd principle is so universally at work through modern life that the geography of the world had been changed to conform to it. We live in crowds. We get our living in crowds. We are amused in herds.
It is crucial to have a strategy in place before problems hit, precisely because no one can accurately predict the future direction of the stock market or economy. Value investing, the strategy of buying stocks at an appreciable discount from the value of the underlying businesses, is one strategy that provides a road map to successfully navigate not only through good times but also through turmoil.
Apparently modern financial regulators are vastly more sophisticated than we were as financial regulators 25 years ago - because we had never figured out that the key to financial stability was leaving felons in charge of the largest financial institutions in the world.
I know what it feels like to hit financial turmoil, to be hit with the threat of losing your home. I kept working, I kept looking for resources to improve my situation.
I do believe that we are living in the last days. I know this has been said before but there are events happening in our world right now that, to me, are what we call signs of the times.
And yet, strange to say, now that this truth is recognized by most cultivated people — now that the beneficent working of the survival of the fittest has been so impressed on them that, much more than people in past times, they might be expected to hesitate before neutralizing its action — now more than ever before in the history of the world, are they doing all they can to further survival of the unfittest!
When I was learning how to box, that was the number one thing my trainer taught me. He said you can't get angry at every single time I hit you because that's why you're here. You're going to get hit. Acknowledge that you're going to get hit and now focus on how you're going to fight properly. And living through the times is exactly the right way to put it because I have seen a slice of this only on a different continent.
People have been screaming about the end of times forever, it's always the end of times. But there's just so much evidence that the world is changing so radically right now. How much can the world take?
The school has always been the most important means of transferring the wealth of tradition from one generation to the next. This applies today in an even higher degree than in former times, for through modern development of economic life, the family
The economic system that the United States has is an evil empire. It's an economic system that's not fair, not just, and it's not democratic. And it will fall just like communism fell. The richest 1 percent now own 50 percent of the wealth. It didn't use to be that way. The average CEO 20 years ago made 20 times as much as the average employee. Now they make 212 times as much.
I've been on the cover of "Time" magazine just about - I think it was four times now. Four times now in the last few months, and a lot of it is because of this. They've never seen this happen before.
If the American government can't stand behind the dollar, the world's benchmark currency, then the global financial system will very likely enter a new era in which there is much less trade and much less economic growth. It would be, by most accounts, the largest self-imposed financial disaster in history.
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