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.
More Quotes from Jeffrey Sachs:
We had a booming stock market in 1929 and then went into the world's greatest depression. We have a booming stock market in 1999. Will the bubble somehow burst, and then we enter depression? Well, some things are not different.Jeffrey Sachs
The haphazardness of life and death is absolutely shocking.
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
In Asia, a lot of successful economies that had been living on their own saving, decided to open up their financial markets to international capital in the early 1990s. So here were countries doing quite well, but they decided they'd borrow a bit more and do even better.
Jeffrey Sachs
Unfortunately, the real focus in this country has not been on the rest of the world. It's been on our own issues and our own problems. Fair enough. But it means that our simple hopes that everything will just work out abroad aren't really coming to pass.
Jeffrey Sachs
A lot of the old apparatchiks came back in, and corruption really dramatically increased in '94'95, particularly around Yeltsin's re-election in 1996, when the government used corrupt practices to give money to business, part of which was returned to the campaign coffers, and helped pay for Yeltsin's re-election.
Jeffrey Sachs
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