A Quote by Timothy Geithner
This crisis exposed very significant problems in the financial systems of the United States and some other major economies. Innovation got too far out in front of the knowledge of risk.
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There are still deep-seated structural problems that threaten the economic balance in the world: Between the United States and China, for example, but also within Europe. We have taken a few steps toward taming the financial markets, but we haven't come nearly far enough to rule out a repetition of the crisis.
All economies are structured differently - the tax systems, the regulatory systems, the federal systems - and that is as true of Australia and the United States as it is of Australia and Germany and the U.K.
I have called this phenomenon of stealing common knowledge and indigenous science "biopiracy" and "intellectual piracy." According to patent systems we shouldn't be able to patent what exists as "prior art." But the United States patent system is somewhat perverted. First of all, it does not treat the prior art of other societies as "prior art." Therefore anyone from the United States can travel to another country, find out about the use of a medicinal plant, or find a seed that farmers use, come back here, claim it as an invention or an innovation.
On private transactions, I'll just go very quickly now, a major difference between the United States and Euroland is that in Europe banks are much more important in financial transactions than in the United States.
The United States is like the Titanic, and I'm here with the lifeboat trying to get people to leave the ship... I see a real financial crisis coming for the United States.
We have already seen some instances of systemic risk in recent times in the Asian financial crisis. But what sparked off the Asian financial crisis? Automated trading programmes!
The financial crisis and the Great Recession posed the most significant macroeconomic challenges for the United States in a half-century, leaving behind high unemployment and below-target inflation and calling for highly accommodative monetary policies.
To the extent that the United States has, I don't like the word hegemony, the United States has influence around the world, I don't think that's based on to any significant degree on the fact that countries use the dollar as their major reserve.
There's one last thing we need to point out. And it is a fact that Puerto Rico is a colonial territory of the United States. This puts us in a very significant disadvantage to all of the other states and to all of the other American citizens. As a matter of comparative, the U.S. citizens, the Puerto Ricans that live in the United States have much better incomes, more than twice as much, participate in the labor force of greater scales, have better results in the education system and so forth.
Inappropriate macro economic policies in some economies, characterised by [a] low savings rate and high consumption [and] failure of financial supervision and regulation to keep up with innovation which allowed financial derivatives to spread.
I'm representing the United States. And I'm representing the United States, and my office is representing the United States day after day in front of the court. And I think it's the right thing to do, to carry that out with some dignity and some respect for the process and respect for the institution. And so that led me to just, you know, move the dial a little bit in the direction of calmness.
Financial institutions are not being bailed out as a favor to them or their stockholders. In fact, stockholders have come out worse off after some bailouts. The real point is to avoid a major contraction of credit that could cause major downturns in output and employment, ruining millions of people, far beyond the financial institutions involved. If it was just a question of the financial institutions themselves, they could be left to sink or swim. But it is not.
You have all kinds - you know, you have the rise of extremist groups in the United States. It's just you don't call them that, right? You've got, you know, some very cultish followings and belief systems.
Emerging market and developing economies have benefited from monetary easing in major economies but have also faced volatile risk sentiment tied to trade tensions.
The Fed contributed to the financial crisis, keeping interest rates too low for too long. I give them credit for responding and stabilizing the economy and the financial sector during the crisis. But then they tried to do too much with quantitative easing that went on forever, just dramatically exploding their balance sheets.
For an investor who is sitting in the United States, and South Africa is very far from the United States, you need to go out to that investor to say, these are the possibilities in this particular sector.
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