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"We, being the Western world, wouldn't let Russia off the hook on debt. So there were demands on debt servicing in the early days until they ran out of reserves. There was no real aid program, just a fictional aid program."
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Explore more quotes by Jeffrey Sachs
"Senior development specialists in the Treasury can be counted on one hand. America's government is not even aware of the gap between its commitments and action, because almost nobody in authority understands the actions that would be needed to meet the commitments."
"The longer you wait, the less fun. If you wait until the bitter end, the whole economy can be destroyed."
"Despite a decade of criticism and budget cuts, the specialised UN agencies have far more expertise and hands-on experience than any other organisations in the world."
"White House and State Department foreign-policy experts are overwhelmingly directed towards military and diplomatic issues, not development issues."
"There's a lot of strength in the U.S., but there's a lot of froth also. The froth will blow off. We're going to have to face up to some realities that we're not fully facing up to right now."
"We were proposing, in a sense, that the rest of the world be made safe for American ideas, as they adopted intellectual property rights that gave patent protection to our very innovative economy."
"We had a booming stock market in 1929 and then went into the world's greatest depression. We have a booming stock market in 1999. Will the bubble somehow burst, and then we enter depression? Well, some things are not different."
"The idea that UN commitments should be followed by action is indeed a radical one, especially for the United States, where wilful neglect of its own commitments is the rule."
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