Jeffrey Sachs
Jeffrey Sachs
Jeffrey David Sachsis an American economist and director of The Earth Institute at Columbia University, where he holds the title of University Professor, the highest rank Columbia bestows on its faculty. He is known as one of the world's leading experts on economic development and the fight against poverty...
NationalityAmerican
ProfessionTeacher
Date of Birth5 November 1954
CountryUnited States of America
expand interest lower money possible rates supply worrying
If we did go into a recession, something that's always possible for the U.S. or Europe, we could lower interest rates and expand the money supply without worrying about the price of gold.
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The U.S. has a sound economy. It also has a cyclical economy. It also has stock market values right now that are hard to explain on historical norms. While it's always possible that everything can be based on the new economy, it's also quite possible that we're doing a little bit of exaggeration in just how wonderful things are.
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There is no doubt that Malawi needs 100 percent debt cancellation as soon as possible, and I will do everything possible to speed that up.
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When is the last time anybody heard Vice President Dick Cheney even feign a word of concern for the world's poor?
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The Russian government not only acted corruptly, not only built up a new oligarchy of billionaires out of nothing, basically, but also gave away its most valuable financial assets-its ownership of the huge natural resource sector in Russia.
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Russia increasingly lived on short-term borrowing. Now, this was an extraordinary merry-go-round.
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Countries like Malawi need, require and deserve the increased help of the international community, not only in the form of food aid but in the form of help to grow more food.
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When countries open up to trade, they generally benefit, because they can sell more, then they can buy more. And trade has two-way gain.
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I would hope that Malawi would pull together. Rather than having such an intense internal political battle there could be unity in the country politically so that these critical needs can be addressed effectively.
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Most companies that are interested in working in the poorest places don't know how to do it right now, ... don't know how we fit in the broader scheme. This provides a framework where all of this makes sense. The private initiative can get this process going. I am counting not only on financing, but technology and ideas. There's going to be a tremendous amount of learning about best approaches.
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While the Bush administration is prepared to spend $100 billion to rid Iraq of WMD, it has been unwilling to spend more than 0.2% of that sum... this year on the Global Fund to Fight AIDS, Tuberculosis and Malaria.
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We give away tens of billions to Brazil, or to one place or another, without thinking. But in those days, to give even a tiny amount to Russia was viewed almost as anathema by many parts of our own society and our political leadership, whether it was the Bush administration or the Clinton administration.
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If we continue this combination of high rhetoric and grossly insufficient action, I think the risks to (the United States ') own national security ... and the risk to global stability are very real.
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My sense is that the IMF does not have a proper modus operandi for the current conditions in the world. They misjudge rhetorically. They misjudge tactically. They misunderstand the dangers of financial panic, and the results are terrible.