It is no coincidence that the ABM Treaty was signed midway between the delinking of the U. S. dollar from the gold standard in 1971 and the first oil crisis in 1973. These were the years not only of monetary and economic crises but also of both the beginning of the destruction of the welfare state and the shift of the hegemony of economic production from the factory to more social and immaterial sectors. One might think of these various transformations as different faces of one common phenomenon, one grand social transformation.
Antonio NegriRelated topics
beginning coincidence common crisis destruction different dollar factory gold grand hegemony might midway oil phenomenon production shift social standard state think transformation treaty welfare abm years delinkingRelated quotes
A large percentage of bright young men and women locate the impetus behind their career choice in the belief that they are fundamentally different from the common run of man, unique and in certain crucial ways superior, more as it were central, meaningful-what else could explain the fact that they themselves have been at the exact center of all they've experienced for the whole 20 years of their conscious lives?-and that they can and will make a difference in their chosen field simply by the fact of their unique and central presence to it...
David Foster Wallace
The worst thing that will probably happen-in fact is already well underway-is not energy depletion, economic collapse, conventional war, or the expansion of totalitarian governments. As terrible as these catastrophes would be for us, they can be repaired in a few generations. The one process now going on that will take millions of years to correct is loss of genetic and species diversity by the destruction of natural habitats. This is the folly our descendants are least likely to forgive us.
E. O. Wilson
In view of the importance of philanthropy in our society, it is surprising that so little attention has been given to it by economic or social theorists. In economic theory, especially, the subject is almost completely ignored. This is not, I think, because economists regard mankind as basically selfish or even because economic man is supposed to act only in his self-interest; it is rather because economics has essentially grown up around the phenomenon of exchange and its theoretical structure rests heavily on this process.
Kenneth Boulding
A paper monetary standard means there are no restraints on the printing press or on federal deficits. In 1971, M3 was $776 billion; today it stands at $8.9 trillion, an 1100% increase. Our national debt in 1971 was $408 billion; today it stands at $6.8 trillion, a 1600% increase. Since that time, our dollar has lost almost 80% of its purchasing power. Common sense tells us that this process is not sustainable and something has to give. So far, no one in Washington seems interested.
Ron Paul
Obviously, based on the crisis and what happened and the effects that we're still feeling, it's now clear that maintaining financial stability is just as an important a responsibility as monetary and economic stability. And indeed, this is, you know, very much a return to the-where the Fed came from in the beginning. Remember the reason that Fed was created was to try to reduce the incidents of financial panics, so financial stability was the original goal of creation of the Fed. So now we sort of come full circle.
Ben Bernanke
