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"The dramatic modernization of the Asian economies ranks alongside the Renaissance and the Industrial Revolution as one of the most important developments in economic history."
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"History likewise shows that sometimes the 'monetary standard of the victors' can prove to be very bad. There have seldom been more brilliant victories than those eventually achieved by the American insurgents under Washington against the English troops. But the American 'continental" dollar did not benefit from them. The more proudly the star-spangled banner rose on high, the lower did the exchange-rate fall, until, at the very moment when the victory of the rebels was secured, the dollar became entirely valueless. The course of events was no different not long afterwards in France. In spite of the victories of the revolutionary army, the metal premium rose."
"History must be documented, every moment is a sacred history."
"Once upon a time, there was a civilization in the eastern side of the world. It was one of the most advanced civilizations on the planet that existed during that time.This civilization was the glorious Indus valley civilization. No, I am not talking about India. I am talking about the land of greatness that got lost in time. Today, in the same geographical location of that great civilization, we have a piece of earth, which is known as "India. But do not mistake it to be the same glorious land that existed thousands of years ago, along with other magnificent civilizations, such as the Greeks, the Mayans, the Egyptians, the Babylonians etc."
"It comes to this then: there always have been people like me and always will be, and generally they have been persecuted."
Explore more quotes by Larry Summers
"Now is the time for us to strike. We must strengthen our foothold in Asia, to ensure no nation overtakes us."
"Blaming speculators as a response to financial crisis goes back at least to the Greeks. It's almost always the wrong response."
"You can't have a situation in which companies proceed on a permanent basis relying only on cash from the government."
"It was wrong to allow Stalin to shape the European landscape of the 20th century. It would be even more wrong to let him shape the landscape of the 21st century."
"The United States basically accepted protection abroad as the price of post-war recovery. Now, that these countries have caught up to our level of prosperity, it is time for them to catch up to our level of openness."
"We are inheriting the worst financial system since the Depression. We're inheriting a situation - when people go back and study major banking crises a quarter century from now, the one that America developed in 2007 and 2008 is going to be one of those crises."
"Global capital markets pose the same kinds of problems that jet planes do. They are faster, more comfortable, and they get you where you are going better. But the crashes are much more spectacular."
"It says something about this new global economy that USA Today now reports every morning on the day's events in Asian markets."
"Start with the idea that you can't repeal the laws of economics. Even if they are inconvenient."
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