We've delegated politics to bankers. The European Central Bank is inside Deutsche Bank, and Deutsche Bank is inside the Bundesbank.
Given the extent of the exposures of major banks around the world to A.I.G., and in light of the extreme fragility of the system, there was a significant risk that A.I.G.'s failure could have sparked a global banking panic.
We think that in Mexico, online trading of shares and financial instruments is not going to be as important as it is in the U.S. On days that there is a banking holiday in the U.S., you hardly see any movement here on the stock exchange.
American economists can't understand the German fear of inflation and the effects of inflation when dealing with the world economic crisis. They wonder why Germany pursues such a different course - 'Why can't they agree with us?' I would have thought it was fairly obvious.
The majority of world stock markets are now owned by the Arabs.
I am saying that currency trading is unnecessary, unproductive, and immoral. It should be stopped. It should be made illegal.
Dollar depreciation leads to higher inflation and ultimately forces foreign creditors to question their rationale and indeed their sanity for continuing purchases of U.S. Treasuries.
China never borrowed less than $3 billion a year during my tenure. They were the most significant client. They used the Bank not just for money but for the know-how.
The insurance companies do not refer to the key policy rate when they send their statements. We can only control that rate. Long-term interest rates are determined largely by global financial markets.
Our strength in finance has led us to set up an international financial centre with medium and long-term objectives, especially to develop Islamic financial and insurance services.
One factor that favors easier adjustment in EMEs is that U.S. monetary policy normalization has been and should continue to be gradual, as long as the U.S. economy evolves roughly as expected.
New York City is the financial capital of the world. The Dodd-Frank Act, I think, is going to change that. It's going to send jobs to London and Geneva and Hong Kong and Sydney instead of keeping New York the financial center of the world.
Salomon Brothers, E. F. Hutton, Shearson, Lehman, Smith Barney... all these firms disappear, and the Street just rolls on.
When I moved from consumer banking to international banking, I thought I brought a lot of insights from India we could implement globally.
In a globally interdependent world, a better financial and investment system cannot be achieved on a country-by-country basis. There may be no one-size-fits-all model for economic development, but without global standards and complementary regulations, the long-term outlook for the world economy will remain bleak.
There won't be one, single global market. But there will be global investors.
It was always a challenge for me to prove that a Russian financial investor can be as successful in the West as back at home in Russia.
The most important initiative you could take to improve the world economy would be to stabilize the dollar-euro rate.
China's stock market is not very big. And yet when stock market has a bad day in China, it seems, Europe has a bad day and then we have a bad day.
A stronger yuan could lead to greater Chinese asset accumulation in the U.S. and elsewhere.
The real bubble in China is in US Treasuries, in US dollars.
