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The Russian drama began at the end of 1991, when the Soviet Union mercifully ended. Russia and 14 other new countries emerged from the ruins of the Soviet Union. Every one of those 15 new states faced a profound historical, economic, financial, social and political challenge.

Jeffrey Sachs
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It's not so unusual to run out of someone else's currency.
Jeffrey Sachs
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.
Jeffrey Sachs
Roosevelt talked not only about Freedom from Fear, but also Freedom from Want.
Jeffrey Sachs
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.
Jeffrey Sachs
The great leaders of the second world war alliance, Franklin Roosevelt and Winston Churchill, understood the twin sides of destruction and salvation. Their war aims were not only to defeat fascism, but to create a world of shared prosperity.
Jeffrey Sachs
The Russian drama began at the end of 1991, when the Soviet Union mercifully ended. Russia and 14 other new countries emerged from the ruins of the Soviet Union. Every one of those 15 new states faced a profound historical, economic, financial, social and political challenge.
Jeffrey Sachs
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.
Jeffrey Sachs
The runs started in Thailand after the IMF intervened in such a dramatic way. Then the IMF came to Indonesia.
Jeffrey Sachs
Let's start fresh with Russia on some real help and some real reform.
Jeffrey Sachs
Unfortunately, the real focus in this country has not been on the rest of the world. It's been on our own issues and our own problems. Fair enough. But it means that our simple hopes that everything will just work out abroad aren't really coming to pass.
Jeffrey Sachs
In my view, there is an urgent need to communicate with the public and help to explain where there is consensus, and where are there doubts about the issues of sustainable development.
Jeffrey Sachs
The debts are unaffordable. If they won't cancel the debts I would suggest obstruction; you do it yourselves.
Jeffrey Sachs
The basic idea was that if a country would put its economy as an integrated piece of the world system, that it would benefit from that with economic growth. I concur with that basic view.
Jeffrey Sachs
The longer you wait, the less fun. If you wait until the bitter end, the whole economy can be destroyed.
Jeffrey Sachs
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.
Jeffrey Sachs
Devaluations are never easy.
Jeffrey Sachs
If you have a lot of short-term debt, it means that all of that money can be demanded in a very short period of time. Technically, short-term debt means money that's coming due within a year. Typically, it means money that's coming due within 30 to 90 days.
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.
Jeffrey Sachs
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.
Jeffrey Sachs
In Asia, a lot of successful economies that had been living on their own saving, decided to open up their financial markets to international capital in the early 1990s. So here were countries doing quite well, but they decided they'd borrow a bit more and do even better.
Jeffrey Sachs
I think the IMF helped to detonate the Indonesian crisis.
Jeffrey Sachs
In the early 1990s, when a lot of the developing world opened up to international capital flows... they ended up in very good long-term projects, but projects that weren't going to pay off for five or 10 or 20 years.
Jeffrey Sachs
Russia has gone through eight years of continuing economic pain.
Jeffrey Sachs
Globalization was a deep trend pushed by technology and right ideas, as much as anything else.
Jeffrey Sachs
If we did go into a recession, something that's always possible for the U.S. or Europe, we could lower interest rates and expand the money supply without worrying about the price of gold.
Jeffrey Sachs
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.
Jeffrey Sachs
We're going to have to forgive a great deal of the Soviet era debt. There's no question about that. Let's face up to that. We're going to have to put in money if Russia is really going to consolidate a democracy.
Jeffrey Sachs
We've taken the view that if the rest of the world would democratize and create market economies, that would spread the benefits of prosperity around the world, and that it would enhance our own prosperity, and our own stability and security, as well.
Jeffrey Sachs
White House and State Department foreign-policy experts are overwhelmingly directed towards military and diplomatic issues, not development issues.
Jeffrey Sachs
The essence of Africa's crisis is fundamentally its extreme poverty.
Jeffrey Sachs
The truth of good economic doctoring is to know the general principles, and to really know the specifics. To understand the context, and also, to understand that an economy may need some tender loving care, not just the so-called hard truths, if it's going to get by.
Jeffrey Sachs
Its not so unusual to run out of someone elses currency.
Jeffrey Sachs
Globalization was a deep trend pushed by technology and right ideas as much as anything else.
Jeffrey Sachs
Without restoring an ethos of social responsibility, there can be no meaningful and sustained economic recovery.
Jeffrey Sachs
History is written by the rich, and so the poor get blamed for everything.
Jeffrey Sachs
Roosevelt's magic lay in one facet of his personality: He knew how to take the risk. No other man in public life I knew could so readily take the challenge of the new.
Emanuel Celler
To do the Ozzfest again would be great. I'd like to finish with a final Sabbath album. You always feel that it is still a challenge.
Geezer Butler
People are not perfect... very often the relationships that are strongest are those where people have worked through big crises, but they've had to work through them. So the challenge to us is to work through that.
Patricia Hewitt
Every single book is a challenge.
Nora Roberts
Critics are sentinels in the grand army of letters, stationed at the corners of newspapers and reviews, to challenge every new author.
Henry Wadsworth Longfellow
The lopsided attitudes of college professors pose a serious challenge to learning because students are so susceptible to becoming lopsided sheep.
Suzanne Fields
I really enjoy comedy. It's a real challenge.
Ted Levine
I had a hard time with that hockey. I hadn't grown up skating, so that was my biggest challenge. We worked on it and worked on it. But then when we first shot it, it was so hard for me.
Woody Harrelson
The challenge is to practice politics as the art of making what appears to be impossible, possible.
Hillary Clinton
Change can either challenge or threaten us. Your beliefs pave your way to success or block you.
Marsha Sinetar
My greatest challenge has been to change the mindset of people. Mindsets play strange tricks on us. We see things the way our minds have instructed our eyes to see.
Muhammad Yunus
I'd say that it's important for music to be there that gives you a challenge, that rearranges things in your head.
Tom Jenkinson
I like good stories. Quality products and character are what's important. Even if the script isn't that strong, if I challenge myself with a great character, I'll go for it.
Corin Nemec