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What the world's big guns say about the meltdown
October 17, 2008
The root cause of the global financial crisis is deeply embedded in policy deficiencies in the international financial system and in the unsustainable fundamentals of the world economy. The prospect of a systemic world financial breakdown and, consequently, a long lasting economic slowdown is real: Ban Ki-moon, Secretary General, United Nations
It's not up to the monetary system to control asset problems. It is regulation. The lesson for the longer term is it is not enough to control the money supply, you also have to control credit and leverage... markets have moods, and the regulators have to counterbalance those moods: George Soros, billionaire investor, head of Soros Fund Management
We are ready to answer any demand by a country facing problems: Dominique Strauss-Kahn, head, IMF
It does make me angry that this situation has been created by greedy, irresponsible, feckless city boys. The financial world has been acting in a megalomaniacal fashion and deserves to be taken down a peg or five. This is a terrible situation for the average hard-working family. It happened to my family in the 90's during the last downturn and affected us deeply for years: Katherine Walker, British citizen
The government shouldn't be in the business of injecting capital into insurance companies just to save them from bankruptcy. Where capital injections make sense is in the case of banks -- and not for the purpose of saving the banks, but in order to preserve the settlement infrastructure. If that becomes damaged it's going to be very hard for the economy to work properly: Heizo Takenaka, former Japanese minister of economic and fiscal policy
Image: US President George W Bush. | Photograph: Mark Wilson/Getty Images
Also read: Meltdown: Thousands of jobs to go globally!
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