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Michael Lewis • Going Infinite: The Rise and Fall of a New Tycoon
An oft-repeated joke about the IMF is that its initials stand for "It's Mostly Fiscal." The humor stems from the Fund's seeming obsession with bludgeoning countries into cutting spending or raising taxes, as if there were no economic problem that a lower budget deficit or (better yet) fatter surplus wouldn't cure.
Paul Blustein • And the Money Kept Rolling in (And Out): Wall Street, the Imf, And the Bankrupting of Argentina: Wall Street, the IMF and the Bankrupting of Argentina
resources. If such is the nature of our system that we have production only because we first create the wants that require it, we will have few resources to spare. We will be rich but never quite rich enough to spare anything much for the poor—including our own.
John Kenneth Galbraith • The Affluent Society
Locke’s political philosophy was, on the whole, adequate and useful until the industrial revolution. Since then, it has been increasingly unable to tackle the important problems. The power of property, as embodied in vast corporations, grew beyond anything imagined by Locke.
Bertrand Russell • History of Western Philosophy
The great political defect of Locke and his disciples, from a modern point of View, was their worship of property.
Bertrand Russell • History of Western Philosophy
Eight board members represent individual countries, and the rest represent groups of countries, with weighted voting based on the size of the countries' contributions to the IMF's war chest. Real clout on the board is wielded by the Group of Seven major industrial countries (the United States, Japan, Germany, Britain, France, Italy, and Canada), wh
... See morePaul Blustein • And the Money Kept Rolling in (And Out): Wall Street, the Imf, And the Bankrupting of Argentina: Wall Street, the IMF and the Bankrupting of Argentina
The best proposal might be the development of a market for new types of bonds that work more like equity than debt. These securities, called growth-linked bonds, would pay interest that rises or falls depending on a country's GDP. Instead of being forced to shell out interest payments based on a prefixed schedule, a government would be allowed to p
... See morePaul Blustein • And the Money Kept Rolling in (And Out): Wall Street, the Imf, And the Bankrupting of Argentina: Wall Street, the IMF and the Bankrupting of Argentina
But in the case of Andrew Jackson it may be that I felt a special sense of individual isolation; for I believe that there are even fewer among Englishmen than among Americans who realise that the energy of that great man was largely directed towards saving us from the chief evil which destroys the nations to-day. He sought to cut down, as with a sw
... See moreG. K. (Gilbert Keith) Chesterton • What I Saw in America
In a static world, a monopolist is just a rent collector.