United States Secretaries Of The Treasury

"Criminal justice reform is not just about being fair to the individuals who will be most directly affected, but it’s also about doing what’s right for our nation’s well-being."

"People in prison are part of America, as are those who have been released. They are part of our society. And we have a powerful stake in their success."

"With its underlying principles of free expression and academic freedom, the university system is one of the nation’s great strengths. It is not to be taken for granted. Undermining higher education would harm all Americans, weakening our country and making us less able to confront the many challenges we face."

"We invest in higher education because there’s a broad public purpose. Our colleges and universities are seen, rightly, as centers of learning, but they are also engines of economic growth... Institutions of higher education spur early-stage research of all kinds, create environments for commercializing that research, provide a base for start-up and technology hubs, and serve as a mentoring incubator for new generations of entrepreneurs and business leaders."

"If you had the opportunity to save a million people from preventable death, would you do it? … This is not merely a rhetorical question, but one that members of the Congress will have to answer in the present… Right now, legislation has already passed the House of Representatives that would do just that. And it was included in the newly released COVID relief bill that is being negotiated between House Speaker Nancy Pelosi (D-Calif.) and Treasury Secretary Steven Mnuchin. It would require the Treasury Department, which represents our government at the International Monetary Fund (IMF), to support a multi-trillion dollar relief package from the Fund... And they do not cost the U.S. government anything at all — not now, and not at any time in the future. The IMF leadership, and almost all of the 189 member countries — including U.S. allies such as Germany and Canada — are ready to allocate the aid that Congress is considering. The reason it hasn’t already been approved at the IMF is that the U.S. Treasury has said no, and the U.S. — alone — has a veto at the IMF on this matter. .. [I]t’s not at all clear why the Treasury is blocking this desperately needed aid. … Nor is there any reason that it should be a partisan issue... It would take almost no effort to include the House or Senate bill that would unblock Treasury’s hold on the IMF funding…"

"First of all, I think the United States is the greatest country in the world to invest in. And we see that. And we see that money is pouring into the United States for those reasons. So I think we're really going to be focused on economic growth and creating jobs. And that's really going to be the priority."

"Aw!! Did you think this was a personal trip?! Adorable! Do you think the US govt paid for our honeymoon or personal travel?! Lololol. Have you given more to the economy than me and my husband? Either as an individual earner in taxes OR in self sacrifice to your country? I’m pretty sure we paid more taxes toward our day “trip” than you did. Pretty sure the amount we sacrifice per year is a lot more than you’d be willing to sacrifice if the choice was yours. You’re adorably out of touch. Thanks for the passive aggressive nasty comment. Your kids look very cute. Your life looks cute. I know you’re mad but deep down you’re really nice and so am I. Sending me passive aggressive Instagram comments isn’t going to make life feel better. Maybe a nice message, one filled with wisdom and hunanity would get more traction. Have a pleasant evening. Go chill out and watch the new game of thrones. It’s fab!"

"Overthrow of the Government by force and violence is certainly a substantial enough interest for the Government to limit speech. Indeed, this is the ultimate value of any society, for if a society cannot protect its very structure from armed internal attack, it must follow that no subordinate value can be protected."

"Whatever theoretical merit there may be to the argument that there is a "right" to rebellion against dictatorial governments is without force where the existing structure of the government provides for peaceful and orderly change."

"Enough is enough... It's time to put country before party and say it together: Never Trump."

"With Donald Trump as the presumptive presidential nominee, we are witnessing a populist hijacking of one of the United States' great political parties... [R]ooted in ignorance, prejudice, fear and isolationism... This troubles me deeply as a Republican, but it troubles me even more as an American."

"Well, what happened, apparently, was that while the Dodd-Frank Act was being rewritten by the Congress, Janet Yellen changed the wording around and she said, “Well, how do we define a general liquidity crisis?” Well, it doesn't mean what you and I mean by a liquidity crisis, meaning the whole economy is illiquid. She said, “If five banks need to borrow, then it's a general liquidity crisis.” Well, the problem, as she points out, is it's the same three big banks, again and again, and again and again. And these are not short-term loans. She points out that they were 14-day loans; there were longer loans. And they were rolled over, not overnight loans, not day-to-day loans, not even week-to-week loans. But month after month, the Fed was pumping money into JP Morgan and Citibank and Goldman. But then she points out that, or at least she told me, that these really weren't Citibank and Morgan Chase; it was to their trading affiliates. Now this is exactly what Dodd-Frank was supposed to prevent.... So I think the reason that the newspapers are going quiet on this is the Fed broke the law. And it wants to continue breaking the law."

"“As we proceed, we must remember that its trajectory is not predestined"

"I felt I wanted to talk about the Fed’s mission, and I wanted to do so in understandable terms, and to emphasize that unemployment is part of our mission. The recession has taken a particularly heavy toll on those who have less education and income—middle-income and low-income families—and the Fed’s concern with the job market is a theme I’ve wanted to get across. Why are we doing all these things that are in the newspapers all the time? I was trying to explain that we’re doing this to help American families who are struggling in the aftermath of the Great Recession."

"The Fed has a dual mandate and it is maximum employment and price stability. I think that’s the way it’s phrased in the law"

"Economics is a subject that really relates to core aspects of human well-being, and there’s a methodology for thinking about these things. This was a very appealing combination to me. Market systems are capable of massive breakdowns that can result in long, devastating periods of high unemployment. And I felt that economists had really learned something about how to address that."

"An outstanding choice. Tough, smart and principled"

"[Failing to act could spark an economic catastrophe] Nearly 50 million seniors could stop receiving Social Security checks for a time. Troops could go unpaid. Millions of families who rely on the monthly child tax credit could see delays."

"In a matter of days, millions of Americans could be strapped for cash.”"

"It is imperative that Congress swiftly addresses the debt limit"

"So, it is not reporting of individual transactions or anything of the like. And it would be a simple thing for banks and other payment providers to provide along with the other information they’re already providing."

"O.K., so what does standard new classical economics say? You should cut the wages of everybody who works for you. Because there are all the people standing outside the factory gates, and they have the same skill set as the people who work for you. You should at least be willing, according to this view, if not to hire them, to say to your own workers, ‘If you don’t take a pay cut, I’m going to replace you with them.’ But one goes around, actually talks to firms, and you’ll find that no firm would do that."

"Democrats are considering a new tax] on liquid assets held by extremely wealthy individuals"

"[New classical economics] was the starting point for a rightward shift in economics that went against the idea that monetary policy can improve macroeconomic outcomes."

"When current events set us thinking about which former Washington policymaker might have something interesting to say about this story or that story, the name of George Shultz inevitably comes to mind."

"Any further spread of nuclear weapons multiplies the possibilities of nuclear confrontation and magnifies the danger of diversion. Thus, if proliferation of weapons of mass destruction continues into Iran and remains in North Korea in the face of all ongoing negotiations, the incentives for other countries to follow the same path will become overwhelming. Considerations as these have induced former Senator Sam Nunn, former Secretary of Defense William Perry, former Secretary of State George Shultz, and I -- two Democrats and two Republicans -- to publish recommendations for systematically reducing and eventually eliminating reliance on nuclear weapons. We have a record of strong commitment to national defense and security. We continue to affirm the importance of adequate deterrent forces, and we do not want our recommendations to diminish essentials for the defense of free peoples while a process of adaptation to new realities is going on. At the same time, we reaffirm the objective of a world without nuclear weapons that has been proclaimed by every American President since President Eisenhower."

"Gorbachev's impressionability also showed up in economics. He had been aware, from his travels outside the Soviet Union before assuming the leadership, that "people there . . . were better off than in our country." It seemed that "our aged leaders were not especially worried about our undeniably lower living standards, our unsatisfactory way of life, and our falling behind in the field of advanced technologies." But he had no clear sense of what to do about this. So Secretary of State Shultz, a former economics professor at Stanford, took it upon himself to educate the new Soviet leader. Shultz began by lecturing Gorbachev, as early as 1985, on the impossibility of a closed society being a prosperous society: "People must be free to express themselves, move around, emigrate and travel if they want to. . . . Otherwise they can't take advantage of the opportunities available. The Soviet economy will have to be radically changed to adapt to the new era." "You should take over the planning office here in Moscow," Gorbachev joked, "because you have more ideas than they have." In a way, this is what Shultz did. Over the next several years, he used his trips to that city to run tutorials for Gorbachev and his advisers, even bringing pie charts to the Kremlin to illustrate his argument that as long as it retained a command economy, the Soviet Union would fall further and further behind the rest of the developed world. Gorbachev was surprisingly receptive. He echoed some of Shultz's thinking in his 1987 book, Perestroika: "How can the economy advance," he asked, "if it creates preferential conditions for backward enterprises and penalizes the foremost ones?""

"George left us at a moment when our national arguments are too often vindicated by passion rather than reason, by the debasement of the adversary rather than the uplifting of purposes. He also believed that if you were blessed with great gifts, you had a responsibility to apply yourself, and if you cared about your country, you had a duty to defend and improve it. He was skilled in presenting his convictions, but above all practiced the art of making controversy superfluous by encouraging mutual respect. Trust, George used to say, is the coin of the realm."

"[A] revenue-neutral carbon tax would benefit all Americans by eliminating the need for costly energy subsidies while promoting a level playing field for energy producers."

"We should say we think a big element in the process of seeking peace [in the Middle East] is the acceptance of Israel's existence and so we´re going to go around to all our friends in Europe and Asia and elsewhere and say let´s accept Israel´s right to exist - and a way of doing that is to move our embassy to west Jerusalem. As long as the embassy is in Tel Aviv, it sort of says we´re camping out."

"Many of today's trading relationships actually make America more globally competitive. . . . Raising tariffs among the United States, Canada and Mexico will only weaken a well-oiled manufacturing machine that is driven by the high level of integration the three economies have in their supply chains. This integration makes the region as a whole more competitive vis-à-vis the world."

"Few people did as much to shape the trajectory of American diplomacy and American influence in the 20th century as George Shultz. He was a gentleman of honor and ideas, dedicated to public service and respectful debate, even into his 100th year on Earth. That's why multiple Presidents, of both political parties, sought his counsel. I regret that, as President, I will not be able to benefit from his wisdom, as have so many of my predecessors."

"I believe deeply that it's very important to the United States, to the economic health of the United States, that we maintain a strong dollar."

"We believe in a strong dollar … Chinese financial assets are very safe."

"So I think the reason that the newspapers are going quiet on this is the Fed broke the law. And it wants to continue breaking the law. And that's why these Wall Street banks fought so hard to get the current head of the Fed reappointed, [[Jerome Powell|[Jerome] Powell]], because they know that he's going to do what [Timothy] Geithner did under the Obama administration. He's loyal to the New York City banks, and he's willing to sacrifice the economy to help the banks."

"This plan will work."

"We have parts of our system which are overwhelmed by regulation. It wasn't the absence of regulation that was the problem. It was despite the presence of regulation you got huge risks built up."

"Hyperinflation is not going to happen in this country, will never happen... The Fed putting so much money into the system is not going to create the risk of hyperinflation in the future. We have a strong independent Federal Reserve with a very strong mandate from the Congress, and they will do what's necessary to keep inflation low and stable over time."

"My view is that you don't just talk to your friends. You talk to your enemies, as well. And the diplomacy involves talking to your enemies. You don't reward your enemies necessarily, by talking to them if you're tough and you know what you're doing. You don't appease them. Talking to an enemy is not, in my view, appeasement. I made 15 trips to Syria in 1990-1991 at a time when Syria was on the list of countries who are state sponsors of terrorism. And the 16th trip, guess what? Lo and behold, Syria changed 25 years of policy and agreed for the first time in history to come sit at the table with Israel, which is what Israel wanted at the time. And, thereby, implicitly recognized Israel's right to exist. Now, all I'm saying is that would never have happened if we hadn't been sufficiently dedicated that we were going to keep at it."

""You must tell them that there must be a new union or there will be chaos," he [Shevardnadze] implored me. That evening, when I hosted republic leaders for dinner — a mixed group of presidents, prime ministers, and foreign ministers — I saw around the table and in the conversation a microcosm of the post-coup Soviet Union’s potential — and its problems. Whatever euphoria that they felt with their post-putsch independence declarations had given way to a marked degree of realism. "Independence sounds nice, but we have to live, and we have to be practical," observed the Prime Minister of Moldova, Valeriu Muravsky. That was the persistent theme that I heard from every one of the republic leaders, with the sole exception of the Georgian Prime Minister, Vissarion Gugushvili, though even he spoke of the need for economic cooperation once Georgian independence was recognized internationally."

"We understand the need for assurances to the countries in the East. If we maintain a presence in a Germany that is a part of NATO, there would be no extension of NATO’s jurisdiction for forces of NATO one inch to the east."

"When Chase, Sumner, Stevens, and Wilson talk to the negro of the importance of having the franchise, and stop short of giving the franchise to woman, I proclaim them hypocrites—I proclaim them politicians. They speak so to the newly freed slave, because he has already the ballot in his hands, and they want him to vote for them. We have not that right, and hence they do not speak one word in favor of our attaining the elective franchise."

"When Texas became one of the United States, she entered into an indissoluble relation. All the obligations of perpetual union, and all the guaranties of republican government in the Union, attached at once to the state. The Act which consummated her admission into the Union was something more than a compact; it was the incorporation of a new member into the political body. And it was final."

"The way to resumption is to resume."

"All that they seem to say is 'nigger, nigger, nigger'."

"Congress was right in not limiting, by its reconstruction acts, the right of suffrage to whites; but wrong in the exclusion from suffrage of certain classes of citizens and all unable to take its prescribed retrospective oath, and wrong also in the establishment of despotic military governments for the States and in authorizing military commissions for the trial of civilians in time of peace. There should have been as little military government as possible; no military commissions; no classes excluded from suffrage; and no oath except one of faithful obedience and support to the Constitution and laws, and of sincere attachment to the constitutional Government of the United States."

"True democracy makes no enquiry about the color of skin, or the place of nativity, whereever it sees man, it recognizes a being endowed by his Creator with original inalienable rights."

"For, what is slavery? It is the complete and absolute subjection of one person to the control and disposal of another person, by legalized force. We need not argue that no person can be, rightfully, compelled to submit to such control and disposal. All such subjection must originate in force; and, private force not being strong enough to accomplish the purpose, public force, in the form of law, must lend its aid. The Government comes to the help of the individual slaveholder, and punishes resistance to his will, and compels submission. THE GOVERNMENT, therefore, in the case of every individual slave, is THE REAL ENSLAVER, depriving each person enslaved of all liberty and all property, and all that makes life dear, without imputation of crime or any legal process whatsoever. This is precisely what the Government of the United States is forbidden to do by the Constitution. The Government of the United States, therefore, cannot create or continue the relation of master and slave. Nor can that relation be created or continued in any place, district, or territory, over which the jurisdiction of the National Government is exclusive; for slavery cannot subsist a moment after the support of the public force has been withdrawn."

"No more slave States; no slave Territories."

"The Constitution, in all its provisions, looks to an indestructible Union composed of indestructible States."