Economists From The United States

"In such a world all war would be civil war and we must hope that it will grow increasingly inconceivable. It has already become capable of such unlimited destruction and such fearful possibilities of uncontrollable and little understood "chain reactions" of all sorts that it would seem that no one not literally insane could decide to start an atomic war."

"I have spoken against fear as a basis for peace. What we ought to fear, especially we Americans, is not that someone may drop atomic bombs on us but that we may allow a world situation to develop in which ordinarily reasonable and humane men, acting as our representatives, may use such weapons in our name. We ought to be resolved beforehand that no provocation, no temptation shall induce us to resort to the last dreadful alternative of war."

"We are not asked to subscribe to any Utopia or to believe in a perfect world just around the corner. We are asked to be patient with necessarily slow and groping advance on the road forward, and to be ready for each step ahead as it becomes practicable. We are asked to equip ourselves with courage, hope, readiness for hard work, and to cherish large and generous ideals."

"There's no such thing as being too respectful of other people's traditions."

"The Western media is now focusing attention on Russia’s invasion. Built into that focus is a tacit remaking of history. US Neocons want history to begin with the invasion. All else that went before is to be swept into Orwell’s “memory hole”. That means forgetting the injuries and threats the US has heaped on Russia for thirty years; forgetting how the US helped loot Russia after the fall of the Berlin Wall, forgetting the promise made not to expand NATO eastward, forgetting the threat posed by putting missile defense and launch capabilities close to Russia’s borders, and forgetting the fateful 2014 US sponsored coup in Ukraine."

"The inevitable has happened. Russia has invaded Ukraine. It was inevitable because the US and its NATO partners had backed Russia into a corner from which it could only escape by military means. In effect, Russia confronted a future in which the US would increasingly tighten the noose around its neck by further eastward expansion of NATO, combined with military upgrading by the US of its Eastern European NATO proxies. Accompanying that militarization was the prospect of a ramped-up propaganda war in which western media fanned the flames of public animus against Russia. Side-by-side, US government financed entities (such as the National Endowment for Democracy and the German Marshall Fund) would seek to influence European and Russian politics with the goal of regime change. At this stage, there are two questions. What will be done? And what should be done?"

"American exceptionalism is the most dangerous doctrine in the world, and it has been on full display in the current Ukraine crisis. Worse yet, the loudest advocates have been America’s elite liberal class. The doctrine of exceptionalism holds that the US is inherently different from and superior to other nations. That superiority means the US is subject to a different standard. Its actions are claimed to be benevolent and above international law, and the US is entitled to intervene at will around the world, including building a global network of military bases and garrisons that it would never permit another power to have. In today’s United States, liberals are the most extreme proponents of American exceptionalism. In contrast, Republicans and conservatives are inclined to justify foreign policy by appeal to raw power, with the US doing what it wants because it can."

"In economic policy the liberal menace operates by putting society in the permanent position of having to choose between “bad” and “worse”. In foreign policy it operates by appeal to moral judgementalism that overlooks US moral failings, violates the principle of non-intervention in internal affairs, and ignores the real-world unviability of policies it recommends for others. The menace has been in full swing over Ukraine. Elite liberal media has been at the forefront of arguing for military confrontation with Russia, continued eastward expansion of NATO, and rejection of any legitimacy to Russia’s position. The menace has been oblivious to the asymmetry regarding US behavior, beginning with the obvious question what is the US doing on Russia’s borders? It has presented a substantially false characterization of Ukrainian society and Ukrainian politics. And it has failed to engage the unsettled history of the region and Russia’s fully justified national security concerns. The US has a truth problem. Donald Trump is the posterchild for that problem. However, the Liberal Menace is also part of it. If you are only truthful when it suits you, you are not truthful and you tarnish the standing of truth. The lies, aggression, and militarism of liberal menace foreign policy trickle back into society. If US liberals are serious about fixing our truth problem and stopping the rise of proto-fascism, they should begin with their own views on foreign policy. The Ukraine is a good place to start."

"In 1924, Edgar Lawrence Smith, an obscure economist and financial advisor, wrote Common Stocks as Long Term Investments, a slim book that changed the investment world. Indeed, writing the book changed Smith himself, forcing him to reassess his own investment beliefs. Going in, he planned to argue that stocks would perform better than bonds during inflationary periods and that bonds would deliver superior returns during deflationary times. That seemed sensible enough. But Smith was in for a shock. His book began, therefore, with a confession: “These studies are the record of a failure – the failure of facts to sustain a preconceived theory.” Luckily for investors, that failure led Smith to think more deeply about how stocks should be evaluated. For the crux of Smith’s insight, I will quote an early reviewer of his book, none other than John Maynard Keynes: “I have kept until last what is perhaps Mr. Smith’s most important, and is certainly his most novel, point. Well-managed industrial companies do not, as a rule, distribute to the shareholders the whole of their earned profits. In good years, if not in all years, they retain a part of their profits and put them back into the business. Thus there is an element of compound interest (Keynes’ italics) operating in favour of a sound industrial investment. Over a period of years, the real value of the property of a sound industrial is increasing at compound interest, quite apart from the dividends paid out to the shareholders.” And with that sprinkling of holy water, Smith was no longer obscure."

""Safety of principal," yes—that is the first essential. But what is "principal"—is it merely the obligation of some sound organization to repay a certain number of fluctuating measures of value at a future date? What if, at the date of repayment, the measure has shrunk to one-half of its present size? Has the principal been safeguarded?"

"It is assumed that the reader is familiar with some, at least, of the various conceptions of the business cycle currently discussed by economists. These are summarized, in greater detail than is necessary for our present purposes, in Mitchell's "Business Cycles, The Problem and the Setting" (1927), and King's "The Cause of Economic Fluctuations" (1938); the latter being noteworthy for its sympathetic reference to those who have found it necessary to push their search for the underlying causes of business cycles beyond the limits customarily regarded as the boundaries of the economic field."

"We have found that there is a force at work in our common stock holdings which tends ever toward increasing their principal value in terms of dollars, a force resulting from the profitable reinvestment, by the companies involved, of their undistributed earnings. We have found that unless we have had the extreme misfortune to invest at the very peak of a noteworthy rise, those periods in which the average market value of our holdings remain less than the amount we paid for them are of comparatively short duration, and that even if we have bought at the very peak, there is definitely to be expected a period in which we may recover as many dollars as we have received. Our hazard even in such extreme cases appears to be that of time alone."

"The economists would say that it is the upward "Secular Trend" that favors common stocks as opposed to bonds, so long as the population and the business of the country are increasing. There is something more than growth of population that contributes to the rise in the "Secular Trend" and the increase in business from decade to decade. It is the constantly accelerating speed of modern life. All of our activities are on a much more rapid basis to-day than they were twenty years ago, due in part to the constant increase in the speed of communication and transportation and the countless major and minor time-saving devices that have been introduced into our business and private life."

"The Dollar to-day is a different measure from the Dollar of yesterday."

"In periods of high interest rates, such as were current in 1866, long term bonds are not freely offered, as the managements of issuing companies endeavor to protect themselves against the permanent payment of such rates."

"Labor seeking higher wages is, in part, attacking the value of the dollar; farmers seeking higher prices for their products and eager to pay off the mortgage on the farm are, in part, assailing the value of the dollar; tariff protected industries join in reducing the purchasing power of the dollar. All debtors favor a depreciating dollar."

"All lenders of money, particularly bondholders, favor an appreciating currency. No other class is always actively in favor of an appreciating currency. In theory they all believe in sound or stable currency, but each, in his effort to widen the margin of profit that he makes in relation to profits in other lines, at times subscribes to activities which tend toward depreciation. Fortunately business men are both buyers and sellers. In buying they work for appreciating dollars, in selling they endeavor to depreciate the currency."

"The tests which are the subject of this discussion were devised to disclose how much reliance could be replaced upon an Index of the Price Level for Industrial Common Stocks compiled from the point of view of investment values rather than of price changes."

"“One of the first big things we did was to delink the budget from the oil price ... Any surplus above that we saved — and we announce to Nigerians how much we had saved each quarter.”"

"“Our focus should be on two key areas — attracting investment and mobilising domestic resources.”"

"Get anyone you know talking about gender stereotypes. These false assumptions cannot survive being held up to the light of day."

"“Nigeria does have a problem with corruption. And so do many other countries, including developed countries. I don’t like the fact that when people mention the name Nigeria, the next thing they say is corruption.”"

"Don’t take a backward step. Don’t shy away from taking up space in the world. Don’t assume you are too junior or that people are too busy. Reach out and network."

"“Africa really needs to change its mindset about access to aid. We should begin to see it as a thing of the past,”"

"I’m told, I’m like my father, and he was the most wonderful man. But I think he was gentler than me."

"“On my first day I sat in that chair and said Oh My God I can't do this. There are just too many things: we have to reform the budget, to fight corruption, do this, do that. But once I had set out the matrix, which became like a bible, I suddenly got a burst of confidence.”"

"“Our critical minerals are in demand — but instead of giving them away raw, we must negotiate smartly, add value locally, create jobs, and become a true hub of global manufacturing and innovation""

"“Africa’s opportunity lies not in aid — but in adding value, building trust, and using our resources wisely,”"

"“Even solving one problem or building one enterprise can have ripple effects across the continent. Everyone has a role to play in building Africa’s future,”"

"Unless we can make access to finance easier for women in their businesses, we will be missing out on a significant portion of growth within our economies."

"It’s not just about empowering women, it’s about economic growth."

"Compare non retiring income with investment such as bonds and fixed income etc.Annuity is low risk venture, fixed rate and guaranteed income for life and dependable old age."

"“Events like this roundtable are vital platforms to foster collaboration, deepen trust, and unlock the entrepreneurial potential that exists both within Africa and among its global diaspora. It was an honor to join this important dialogue and help shape conversations that will drive long-term impact,”"

"No one can fight corruption for Nigerians except Nigerians. Everyone has to be committed from the top to the bottom to fight it."

"Investing in women is smart economics, and investing in girls, catching them upstream is even smarter economics."

"It's about our common good, because these variants will come back if people are not vaccinated."

"Africa represents our fastest-growing region in the world. If you want to be relevant, you need to be in this part of the world."

"“Diaspora investment is not just about capital; it’s about building ecosystems and reshaping Africa’s economic narrative. We are proud to create a platform where action-oriented conversations drive real change.”"

"“The biggest pension funds are in South Africa, followed by Nigeria, Kenya, Morocco, Botswana, and Namibia. These resources are hugely significant, and we need to find ways to tap into them,”"

"There is no right way to be a woman leader. Be true to yourself."

"I believe that when you find problems, you should also find solutions."

"The idea [the government's 'You Win' campaign] is that instead of young people in Nigeria waiting to get employment, they should create their own jobs and employ their peers and employ other people."

"There is always guilt. Just make it work."

"So we were not able to save when we should have. That is why you find that Nigeria is now in the situation it is in."

"We have a choice. Either we converge downwards by allowing the virus to drag us all back down, or we converge upwards by vaccinating the world."

"I’ve developed my own style. It’s a colourful one. It’s African, and it is me."

"If you have a sense of purpose that drives you, then aim high and become a leader and make room as you go."

"In the 73 years of GATT WTO, I am honoured to be First Woman and First African to lead. But now the real work begins. Ready to tackle the challenges of WTO. Forget Business as usual!"

"“At present, these institutions have a combined balance sheet of about $70 billion, but our infrastructure needs alone exceed $200 billion annually. Instead of looking outward for financial support, we must strengthen our own institutions,”"

"The Chinese are formidable, clever, hard-working, disciplined people. They’ve achieved economic miracles. They’re not supermen. We can beat them if we do the things America does best."