Lee Myung-bak Quotes

I have 13 bankers in my office, and they say that if you go forward with this you will cause the worst financial crisis since World War II.

The real problem is deflation. That is the opposite of inflation but equally serious to the borrower.

To the extent that bank panics interfere with normal flows of credit, they may affect the performance of the real economy.

But the fact that we had to devalue by 40% at once means that Malawians are feeling the shock, the impact of that huge devaluation and particularly rural people, the poor are the ones that are going to be most affected. That is why there is the austerity plan.

Total borrowing has imploded. Private borrowing has collapsed. And, in effect, the Treasury Department is the last borrower left standing.

Accordingly, when the supply of gold runs short, the security behind the notes is diminished, the loaning of notes is restricted or suspended, and the panic follows.

The world is still in deleveraging.

The financial crisis that began in the summer of 2007 was an extraordinarily complex event with multiple causes.

It's going to be difficult to stimulate the real economy in the U.S. at a faster rate than 2 percent and perhaps even less if we have that fiscal cliff in December or January 2013.

Europe is on an economic collision course with reality.

This matter of prices was frequently made a subject for jesting in private, but for the most part it was carefully avoided in the newspapers. It was too ominous of evil to be a fit topic of editorial discussion on ordinary occasions. As with the accounts of battles in which our arms were not successful, necessary references to the condition of the finances were crowded into a corner, as far out of sight as possible.

Deflation can be particularly dangerous when a financial system is shaky, with household and corporate balance sheets in poor shape and banks undercapitalized and heavily burdened with bad loans.

I think what's important to understand is if the United States hits the debt ceiling and is unable to pay its debts, the consequences will be immediate and dramatic.

The entitlement state has driven us into insolvency.

In 2008, when the global financial crisis struck, it was a bad year for a lot of developing countries, and it manifested itself in consumer confidence.

Financial crises are an unfortunate but necessary consequence of modern capitalism.

At some point, the dollar has to give. You can't just keep printing money, and monetizing debt, and buying bonds, without the dollar imploding.

At present, financial crises occur, chiefly because the paper currency is redeemable in gold only.

If we bankrupt America, we will all pay the price.

Should that worse scenario materialize, then most probably our propensity to increase interest rates will be weaker.

The Nasdaq bubble and crash were followed by the real estate bubble then subprime crash, which led to the unprecedented printing of trillions of dollars in an attempt to prevent a global depression.

The reality for us in America is that we will never get out of debt with more than 15 million people out of work.

Within a few months in 2008, household finances were crushed as asset values fell, millions of jobs were lost, countless credit cards were canceled, and thousands of homes were foreclosed on.

There is a difference between strategic or technical default and default where you really don't have the economy to support the spending. We are not at that point yet. We could be. We could be, like some European nations.

This economy is not getting better and the president's policies are the reason.