We Americans are not about to stop borrowing as long as they give us money for nothing.
Kenneth RogoffPeople aren't looking at how they're doing, but rather at how their neighbors are doing and at their own place in society.
Kenneth RogoffI don't think it's time yet to eliminate cash, but I propose having a less-cash society, not a cashless one.
Kenneth RogoffWe all use cash in our everyday life, but we don't use hundred-dollar bills. We're not using 500-euro notes. And yet these account for mountains of cash out there. I think they're being used in tax evasion and by criminals of all types.
Kenneth RogoffWe're not just going to see mid-sized banks go under in the next few months, we're going to see a whopper.
Kenneth RogoffMarx's theory that only capitalists benefit from capitalism and workers are exploited was completely wrong. Nothing could have been further from the truth. Workers earned more as economies grew.
Kenneth RogoffThe Indians and Chinese have become brilliant chess professionals. They get on a plane and play all over the world. This has led to dramatic pressure on incomes. Nowadays, the best chess player in Argentina can no longer make a living playing chess.
Kenneth RogoffRussia depends on natural resources way too much. Russian economy is not diversified enough
Kenneth RogoffToday, chess programs have become so good that even grandmasters sometimes struggle to understand the logic behind some of their moves.
Kenneth RogoffCash is very easy to hide. It's easy to hoard. It's easy to move, especially these large bills.
Kenneth RogoffIt comes as no surprise that average Americans have a different perception of the economy than (US President) George W. Bush and his friends. They can play around with statistics as much as they want, but it's clear that we have an unfair distribution of wealth.
Kenneth RogoffThe problem - at least in the United States - is not that people can't find jobs. The problem is that they're no longer finding jobs that provide them with dignity and decent social status.
Kenneth Rogoff... far more people make a living as professional chess players today than ever before. Thanks partly to the availability of computer programs and online matches, there has been a mini-boom in chess interest among young people in many countries.
Kenneth RogoffI think that a lot of the money - these big bills - is used to facilitate tax evasion and crime.
Kenneth RogoffThere has been a noticeable decline in the labor factor in all wealthy countries in the past 20 years. The rich are getting richer, but those at the lower end aren't moving ahead as quickly as the capitalists.
Kenneth RogoffThe assertion that everyone benefits simultaneously from free trade is simply incorrect.
Kenneth RogoffWorkers are not being exploited. But if their share of growth doesn't increase, this could be a potential cause of social tension worldwide.
Kenneth RogoffIf you didn't have employers able to pay off the books and off the record safely in cash, you wouldn't have illegal immigration on nearly the scale that we do.
Kenneth RogoffIt's quite astonishing how much money people make in the hedge fund business and in the private equity field, and how well-off affluent families really are.
Kenneth RogoffI tell my children that a man like Bill Gates has a personal fortune of $100 billion. They can't even comprehend that. Then I explain that he has more money than some countries.
Kenneth RogoffUnbridled capitalism in the United States can't be sustained socially. It leads to tensions.
Kenneth RogoffWorrying about inflation now is like worrying about the measles when you might get the plague.
Kenneth Rogoff