Tuesday, September 13, 2016

There Is No Simple Painless Solution
“There is no simple, painless solution. The world has to reduce debt, shrink the financial part of the economy, and change the destructive incentive structures in finance. Individuals in developed countries have to save more and spend less. Companies have to go back to real engineering. Governments have to balance their books better. Banking must become a mechanism for matching savers and borrowers, financing real things. Banks cannot be larger than nations, countries in themselves. Countries cannot rely on debt and speculation for prosperity. The world must live within its means.”
- Satyajit Das, Extreme Money – Masters of the Universe and the Cult of Risk
link here to the source

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