"Your money's value is determined by a global casino of unprecedented proportions: $2 trillion are traded per day in foreign exchange markets, 100 times more than the trading volume of all the stockmarkets of the world combined. Only 2% of these foreign exchange transactions relate to the "real" economy reflecting movements of real goods and services in the world, and 98% are purely speculative. This global casino is triggering the foreign exchange crises which shook Mexico in 1994-5, Asia in 1997 and Russia in 1998. These emergencies are the dislocation symptoms of the old Industrial Age money system."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Original Language: English
Available Languages (1)
Sources
Bernard Lietaer, The Future of Money (2001).
https://en.wikiquote.org/wiki/International_monetary_systems
Revision History
No revisions have been submitted for this quote.
Categories
International monetary systems
10 quotes on TrueQuotesView all quotes by International monetary systems →
Related Quotes
"The international monetary system is the glue that binds national economies together."
"In 1931 more than forty countries had been on the gold standard; by 1937 virtually none were. Both the United Kingdom…"
"Most Americans have no real understanding of the operation of the international money lenders. The accounts of the Fe…"
"My expertise lies in international finance and money systems. This is why I have adopted here a whole systems approac…"
"The lifeblood of our economy, indeed the whole world's economy, is based on money. Without a currency that can be tru…"
"The problem is easy to state: developing countries borrow too much—or are lent too much—and in ways that force them t…"
"The global financial system is not working well, and it is especially not working well for developing countries. Mone…"
"The IMF has been encouraging, sometimes even forcing (as condition of assistance), countries to have their central ba…"
"If we are to grasp the dynamics of this unforecasted storm, we have to move beyond the familiar cognitive frame of ma…"
"Currency devaluations stimulated recovery in two ways: allowing nominal interest rates to fall and, so long as people…"