American - Economist | November 5, 1954 -
The Russian drama began at the end of 1991, when the Soviet Union mercifully ended. Russia and 14 other new countries emerged from the ruins of the Soviet Union. Every one of those 15 new states faced a profound historical, economic, financial, social and political challenge.
Jeffrey Sachs
ChallengeFinancialEndPolitical
We, being the Western world, wouldn't let Russia off the hook on debt. So there were demands on debt servicing in the early days until they ran out of reserves. There was no real aid program, just a fictional aid program.
WorldEarlyDebtRealRussiaOut
Devaluations are never easy.
EasyNever
The longer you wait, the less fun. If you wait until the bitter end, the whole economy can be destroyed.
FunWaitEndYouEconomyDestroyed
It's not so unusual to run out of someone else's currency.
SomeoneRunOutCurrencyUnusual
Russia has gone through eight years of continuing economic pain.
PainYearsRussiaThroughGone
Let's start fresh with Russia on some real help and some real reform.
StartHelpRealRussiaFreshReform
We're going to have to forgive a great deal of the Soviet era debt. There's no question about that. Let's face up to that. We're going to have to put in money if Russia is really going to consolidate a democracy.
GreatMoneyDemocracyFaceDebtUp
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.
DepressionFinanceWorldStock Market
If we did go into a recession, something that's always possible for the U.S. or Europe, we could lower interest rates and expand the money supply without worrying about the price of gold.
MoneyGoldPriceGoPossibleEurope
There's a lot of strength in the U.S., but there's a lot of froth also. The froth will blow off. We're going to have to face up to some realities that we're not fully facing up to right now.
StrengthFaceNowWillRightUp
Roosevelt talked not only about Freedom from Fear, but also Freedom from Want.
FearFreedomWantOnlyAboutAlso
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