Ali Babacan Quotes

You have to take it seriously that the economy is in crisis.

The experience of the '90s, whether it's the '94 peso crisis or the '97 crisis in Asia, the '98 crisis, even the 2001 crisis, is that we recovered pretty readily. There wasn't great consequence.

The world economy today is recovering slowly, and there are still some destabilising factors and uncertainties. The underlying impact of the international financial crisis is far from over.

I don't think it's the end of the world even if we have a recession. We'll pull back out of it again. No big deal.

I believe Europe is burning financially. Europe's problems are not going to go away. They are so structural. Yet, our problems are right behind them. We cannot just look at Europe.

I think the producers, for the most part, don't want to see prices skyrocket because that will only create problems for them down the road and would also be a, you know, would be a very serious shock for a world economy that can't afford serious shocks right now.

If you don't have a functioning financial system the world economy won't be revived. All the major economies have their responsibility to assist at a pace which is required to clean up the balance sheet of the banking system and to ensure that credit flows are resumed.

With the lessons taken from the financial crisis in 1997, the Republic of Korea has been able to surmount the global economic crisis rather successfully.

This economy is on life support.

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.

If the Chinese bubble bursts one day, which inevitably will happen - maybe not tomorrow, maybe in three months, maybe in three years - when it happens, it will have devastating consequences for the global economy.

There are different flavors of recession. You can get into some pretty dark scenarios pretty quickly.

The crisis in Europe has affected the U.S. economy by acting as a drag on our exports, weighing on business and consumer confidence, and pressuring U.S. financial markets and institutions.

We escaped the last big bursting of a bubble - the dotcom bubble - with a relatively light U.S. recession. On that occasion, the world economy found its way back on track fairly quickly.

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

In 2009, at the height of the global economic crisis, it was clear that we were seeing something new: the impacts of the crisis were flowing across borders at unprecedented velocity.

The world is still in deleveraging.

Unemployment is sky-rocketing; deflation is in our future for the first time since the Great Depression. I don't care whose fault it is, it's the truth.

How much would you pay to avoid a second Depression?

What we know about the global financial crisis is that we don't know very much.

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

We do not want financial convulsions.

I think that this is the most significant financial crisis in the post-War period for the United States, and it has in fact a global reach.... I think it is extraordinarily important to understand that, as we have seen in many previous examples of different countries and different times, choking up of credit is like taking the lifeblood away from the economy.

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.

During an economic crisis, what matters is that the government keeps its foot on the accelerator.