In the early 1990s, when a lot of the developing world opened up to international capital flows... they ended up in very good long-term projects, but projects that weren't going to pay off for five or 10 or 20 years.
More Quotes from Jeffrey Sachs:
If you have a lot of short-term debt, it means that all of that money can be demanded in a very short period of time. Technically, short-term debt means money that's coming due within a year. Typically, it means money that's coming due within 30 to 90 days.Jeffrey Sachs
The idea that the UN system could provide real leadership on the great development challenges will strain credulity in some quarters.
Jeffrey Sachs
It's not so unusual to run out of someone else's currency.
Jeffrey Sachs
There's a lot of strength in the U.S., but there's a lot of froth also. The froth will blow off. We're going to have to face up to some realities that we're not fully facing up to right now.
Jeffrey Sachs
The longer you wait, the less fun. If you wait until the bitter end, the whole economy can be destroyed.
Jeffrey Sachs
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.
Jeffrey Sachs
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