„The 2008 financial meltdown is the result of under-regulated markets built on an ideology of free market capitalism and unlimited economic growth. The fundamental problem is that the underlying assumptions of this ideology are not consistent with what we now know about the real state of the world. The financial world is, in essence, a set of markers for goods, services, and risks in the real world and when those markers are allowed to deviate too far from reality, “adjustments” must ultimately follow and crisis and panic can ensue. To solve this and future financial crisis requires that we reconnect the markers with reality. What are our real assets and how valuable are they? To do this requires both a new vision of what the economy is and what it is for, proper and comprehensive accounting of real assets, and new institutions that use the market in its proper role of servant rather than master.“

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— Robert Costanza

Quelle: Toward a New Sustainable Economy, 2008, p. 40

Übernommen aus Wikiquote. Letzte Aktualisierung 3. Juni 2021.

Robert Costanza

US-amerikanischer Ökonom, Professor für ökologische Ökonomi… 1950

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„The most serious problems lie in the financial sphere, where the economy’s debt overhead has grown more rapidly than the ‘real’ economy’s ability to carry this debt. … The essence of the global financial bubble is that savings are diverted to inflate the stock market, bond market and real estate prices rather than to build new factories and employ more labor.“

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— Michael Hudson (economist) American economist 1939

Financial Capitalism v. Industrial Capitalism http://michael-hudson.com/1998/09/financial-capitalism-v-industrial-capitalism/ (September 3, 1998)
Michael-Hudson.com, 1998-

„Read books are far less valuable than unread ones. The library should contain as much of what you do not know as your financial means, mortgage rates, and the currently tight real-estate market alow you to put there.“

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— Nassim Nicholas Taleb Lebanese-American essayist, scholar, statistician, former trader and risk analyst 1960

Quelle: The Black Swan: The Impact of the Highly Improbable

„Real economic efficiency implies including all resources that affect sustainable human well-being in the allocation system, not just marketed goods and services. Our current market allocation system excludes most non-marketed natural and social capital assets and services that are critical contributors to human well-being. The current economic model ignores this and therefore does not achieve real economic efficiency. A new, sustainable ecological economic model would measure and include the contributions of natural and social capital and could better approximate real economic efficiency.“

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— Robert Costanza American economist 1950

Quelle: Toward a New Sustainable Economy, 2008, p. 46

„No single financial institution should have holdings so extensive that its failure could send the world economy into another financial crisis … If an institution is too big to fail, it is too big to exist.“

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— Bernie Sanders American politician, senator for Vermont 1941

[Huntley, Steve, Steve Huntley: Sanders the socialist sure gets it right on big banks, http://chicago.suntimes.com/politics/7/71/569095/sanders-socialist-sure-gets-right-big-banks, 1 May 2015, Chicago Sun-Times, 2 May 2015]
2010s, 2015

„The long term solution to the financial crisis is to move beyond the ‘growth at all costs’ economic model to a model that recognizes the real costs and benefits of growth.“

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— Robert Costanza American economist 1950

Quelle: Toward a New Sustainable Economy, 2008, p. 49

„It is time to recognize that financial markets are inherently unstable. Imposing market discipline means imposing instability, and how much instability can society take? … To put it bluntly, the choice confronting us is whether we will regulate global financial markets internationally or leave it to each individual state to protect its interests as best it can. The latter course will surely lead to the breakdown of the gigantic circulatory system, which goes under the name of global capitalism.“

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— George Soros Hungarian-American business magnate, investor, and philanthropist 1930

The Crisis of Global Capitalism (1998)

„We must say openly that the present economic system of the EU is a system of a suppressed market, a system of a permanently strengthening centrally controlled economy. Although history has more than clearly proven that this is a dead end, we find ourselves walking the same path once again. This results in a constant rise in both the extent of government masterminding and constraining of spontaneity of the market processes. In recent months, this trend has been further reinforced by incorrect interpretation of the causes of the present economic and financial crisis, as if it was caused by free market, while in reality it is just the contrary – caused by political manipulation of the market. It is again necessary to point out to the historical experience of our part of Europe and to the lessons we learned from it.“

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— Václav Klaus 2nd President of the Czech Republic 1941

Speech in the European Parliament, on EU http://klaus.cz/klaus2/asp/clanek.asp?id=88EY96UW9zlp

„How good are markets in predicting real-world developments? Reading the record, it is striking how many calamities that I anticipated did not in fact materialise.

Financial markets constantly anticipate events, both on the positive and on the negative side, which fail to materialise exactly because they have been anticipated.

It is an old joke that the stock market has predicted seven of the last two recessions. Markets are often wrong.“

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— George Soros Hungarian-American business magnate, investor, and philanthropist 1930

„The explosion of financial innovation unaccompanied by credible systemic regulation has made the financial system vulnerable. The resulting crisis of confidence threatens global prosperity in the increasingly interdependent world in which we live. There is, therefore, a need for a new international initiative to bring structural reform in the world's financial system with more effective regulation and stronger systems of multilateral consultations and surveillance. This must be designed in as inclusive a manner as possible.“

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— Manmohan Singh 13th Prime Minister of India 1932

On the financial crisis of 2007–08, as quoted in "Full text of Manmohan Singh's speech at UN General Assembly" http://www.hindustantimes.com/world-news/full-text-of-manmohan-singh-s-speech-at-un-general-assembly/article1-340789.aspx, Hindustan Times (27 September 2008)
2006-2010

„Given the current financial crisis and the widespread belief that the 21st century will belong to China, is free trade really making global markets more efficient? Is it promoting our values and making America stronger? Or is it simply strengthening our adversaries and creating a world where countries who abuse the system - such as China - are on the road to economic and military dominance? If Mr. Trump’s potential campaign does nothing more than force a real debate on those questions, it will have done a service to both the Republican Party and the country.“

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— Robert Lighthizer US Trade Representative 1947

LIGHTHIZER: Donald Trump is no liberal on trade http://www.washingtontimes.com/news/2011/may/9/donald-trump-is-no-liberal-on-trade/ (May 9, 2011)

„The central question for positive financial economics is valuation – what is the value today of a set of future prospective cash flows? The central question for normative financial economics is the appropriate use of financial instruments in a world in which values are set wholly or partially in accord with the principles of positive financial economics.“

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— William F. Sharpe American economist 1934

William Sharpe’s February 1992 lecture at Trinity University: in: William Breit, ‎Barry T. Hirsch (2009). Lives of the Laureates: Twenty-three Nobel Economists. p. 172

„For me, the measures of success will be both environmental and social. What I’d like to see us do is as a nation have a set of measures that we use consistently so that the public can hold us to account. But as I’ve also said all the way through this campaign, the measure of success to me is not how a financial commentator or an economic commentator from abroad views New Zealand, but how a New Zealander feels about their state of affairs, their hope and chances for the future.“

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— Jacinda Ardern Prime Minister of New Zealand 1980

Interview with Lisa Owen at Newshub Nation, 21 October 2017

„Our media make crisis chatter out of news and fill our minds with anxious phantoms of the real thing — a summit in Helsinki, a treaty in Egypt, a constitutional crisis in India, a vote in the U. N., the financial collapse of New York. We can't avoid being politicized (a word as murky as the condition which it describes) because it is necessary after all to know what is going on. Worse yet, what is going on will not let us alone. Neither the facts nor the deformations, the insidious platitudes of the media (tormenting because the underlying realities are so large and so terrible), can be screened out. The study of literature itself is heavily "politicized."“

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— Saul Bellow Canadian-born American writer 1915 - 2005

To Jerusalem and Back: A Personal Account (1976) [Viking/Penguin, 1998, ISBN 0-141-18075-7], p. 21
General sources

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— Olivier Blanchard French economist 1948

Quelle: Macroeconomics (7th Edition, 2017), Ch. 16 : Expectations, Output, and Policy

„The current crisis demonstrates not only that all the ideological nonsense about the virtues of the free market is quickly thrown overboard when capitalist interests are threatened, but also that the idea that governments are essentially powerless in the face of the markets is rubbish. Governments are not helpless victims who cannot do anything in the face of “economic reality.”“

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— Tom Bramble Australian trade unionist

In the normal course of events, when we demand things like better welfare, health care or education, governments tell us that it isn’t possible.
Everyone's a socialist in a crisis, 21 March 2020

„The reality is that we do not know on what terms we would have access to the single market. We do know that in a negotiation we would need to make concessions in order to access it, and those concessions could well be about accepting EU regulations, over which we would have no say, making financial contributions, just as we do now, accepting free movement rules, just as we do now, or quite possibly all three combined.“

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— Theresa May Prime Minister of the United Kingdom 1956

Speech as Home Secretary on the UK and European Union https://www.gov.uk/government/speeches/home-secretarys-speech-on-the-uk-eu-and-our-place-in-the-world (25 April 2016)

„Some things are only real because they represent what we think. When we learn the truth and think it, the old reality is no longer real to us and loses its hold on us. The truth sets us free.“

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— C. Terry Warner American writer

Quelle: Bonds That Make Us Free: Healing Our Relationships, Coming to Ourselves