If you have billions and billions of dollars coming due in a country in a short period of time, and if a sense of panic develops among your creditors, so that everybody demands the money out all at once, it's almost inevitable that the debtor economy will collapse, because it won't be able to come up with that amount of money in a short period.
More Quotes from Jeffrey Sachs:
Devaluations are never easy.Jeffrey Sachs
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.
Jeffrey Sachs
No serious work whatever is under way within the government to link annual budgetary allocations with the international development goals the United States has endorsed. For example, the Bush administration has failed to produce even one credible document spelling out America's role in a global-scale war against AIDS.
Jeffrey Sachs
White House and State Department foreign-policy experts are overwhelmingly directed towards military and diplomatic issues, not development issues.
Jeffrey Sachs
The truth of good economic doctoring is to know the general principles, and to really know the specifics. To understand the context, and also, to understand that an economy may need some tender loving care, not just the so-called hard truths, if it's going to get by.
Jeffrey Sachs
The volatility of international capital is obviously destabilizing markets today.
Jeffrey Sachs
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Based on Topics: Countries Quotes, Money & Wealth Quotes, Sense & Perception Quotes, Time QuotesI definitely want people to laugh because I don't think there's a better feeling - I think it's just so fabulous to laugh. I don't mind if people think, either. I think the brain is a very sexy organ.
Kate Clinton
There's certainly nothing original about the observation that conscious experience poses a hard problem.
David Chalmers
Ever since my youth it has disturbed me that of the literary works that survived their own epoch, so many dealt with historical rather than contemporary subjects.
Lion Feuchtwanger