<blockquote>'I found it peculiar that even though the Americans have significantly worse fundamental [economic] data than the eurozone, that they tell us what we should do.'
- Austria's Finance Minister Maria Fekter (
Source, 16 September 2011)</blockquote>
<blockquote>' Austria's finance minister refused to rule out an eventual Greek default.'
- BBC News (
Source, 16 September 2011)</blockquote>
'..Let me state that the old Austrian School economists understood credit and inflation much better than we do today..'<blockquote>'An explosion of money and credit is, by definition, highly inflationary. After all, the excessive creation of new financial claims – or new credit – fuels over spending and what should be recognized for its unmistakable inflationary effects. Let me state that the old Austrian School economists understood credit and inflation much better than we do today. Their thinking had it that credit excess creates inflationary manifestations in several distinct processes. Obviously, additional buying power may increase the prices of consumer goods and services – this is precisely what most contemporary observers consider "inflation." Importantly, however, there are several other forms of destabilizing inflation that go unappreciated, despite being the major inflationary manifestations during this cycle. Excessive new credit creates additional purchasing power to fuel an investment boom with both over-investment and malinvestment. The consequences are a misallocation of resources, wasted resources and impaired financial assets. Also, additional purchasing power can be directed at asset markets and can fuel asset prices and asset bubbles. And finally, additional purchasing power can be directed at imported goods and lead to larger trade deficits and a dangerous accumulation of foreign liabilities. In all cases, credit excess fosters over spending with detrimental effects on the financial system and economy.'
- Doug Noland, How could Irving Fisher have been so wrong? (
pdf), December 5, 2000</blockquote>
Context<blockquote>
(Banking Reform - English/Dutch) '..a truly stable financial and monetary system for the twenty-first century..''..Germany's future energy production away from nuclear .. solar-power generation.'(During the reorganization) - Trade: Greece, Turkey, Egypt, Italy</blockquote>