Slump Quotes
If we discovered that, you know, space aliens were planning to attack and we needed a massive buildup to counter the space alien threat and really inflation and budget deficits took secondary place to that, this slump would be over in 18 months. ... There was a Twilight Zone episode like this in which scientists fake an alien threat in order to achieve world peace. Well, this time, we don't need it, we need it in order to get some fiscal stimulus.
Paul Krugman
To have peace and not war, the drift toward a war economy, as facilitated by the moves and the demands of the sophisticated conservatives, must be stopped; to have peace without slump, the tactics and policies of the practical right must be overcome. The political and economic power of both must be broken. The power of these giants of main drift is both economically and politically anchored; both unions and an independent labor party are needed to struggle effective.
C. Wright Mills
The Soviet Union in Europe and Asia stands today a continuing challenge to the tottering capitalism of the western world. While trade depression and slump and unemployment and repeated crises paralyse capitalism, and the old order gasps for breath, the Soviet Union is a land full of hope and energy and enthusiasm, feverishly building away and establishing the socialist order. And this abounding youth and life, and the success the Soviet Union has already achieved, are impressing and attracting thinking people all over the world.
Jawaharlal Nehru
The best you can say about economic policy in this slump is that we have for the most part avoided a full repeat of the Great Depression. I say "for the most part” because we actually are seeing a Depression-level slump in Greece, and very bad slumps elsewhere in the European periphery. Still, the overall downturn hasn't been a full 1930s replay. But all of that, I think, can be attributed to the financial rescue of 2008-2009 and automatic stabilizers. Deliberate policy to offset the crash in private spending has been largely absent.
Paul Krugman
If I had a chance for another life, I would certainly choose a better complexion... I rather like my reputation, actually, that of a spoiled genius from the Welsh gutter, a drunk, a womanizer; it's rather an attractive image. When he reached the age of 50, after a five-year career slump. I can only say with Edith Piaf, 'Je ne regrette rien.
Richard Burton
Of course I have nothing to do with racism and xenophobia, and I have my life-story to prove it. Given the democratic slump in Europe, I am convinced that a measured and carefully monitored immigration is necessary. My hometown is host to people from every country, and I have a lot of foreign friends, mostly Indian and Chinese. So, I am not at all against immigrants, and I have personally helped some to integrate or to get naturalized as citizens of my country. But my criticism of Islam stands: Islam is intrinsically separatist and hostile to neighbour communities.
Koenraad Elst
I suspect that many of the world's financial lords are somewhat embarrassed to tell Japan repeatedly at G-7 meetings and elsewhere to adopt a Keynesian solution. Within Europe, central banks and governments think Keynesian theories and policies are absolutely wrong. Despite the remarkable success of pragmatic policies in the United States, true believers in the Invisible Hand reject Keynesian diagnoses and prescriptions. Many observers of Japan have found it intellectually comforting to blame the slump on the plight of the banks, flooded with bad loans dated from the land and equity bubbles and their collapse. They hope that a governmentmanaged and -subsidized rectification of bank balance sheets will trigger overall economic recovery. I think this is a false hope. The bank problem is only a small part of the macroeconomic disaster. It has to be resolved, of course, but resolution that is no substitute for the needed fiscal and monetary stimuli.
James Tobin
The things you hear now about European unemployment -- that there are structural problems, that real wages have failed to adjust, that there are inflationary fears -- are the same things that were said during the early 1930. It is well established that government spending began to pull Germany out of its slump in 1935. There is no known reason why spending for peace can't do as well at getting the economy going as spending for war.
Lawrence Summers
