“I start from the premise that the underlying pressures toward integration and interdependence are growing stronger, not weaker. We cannot reverse or stop the advancing technology that brings us fast and cheap communication and transportation, or the spread of knowledge.”

— Paul Volcker

The political economy of the dollar

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Paul Volcker 5

American economist 1927–2019

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“Our future is dependent upon increasing cooperation and interdependence in a world tied ever more closely together by technologies of communications and travel.”

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Context: Our future is dependent upon increasing cooperation and interdependence in a world tied ever more closely together by technologies of communications and travel. The emergence of a truly global civilization has been accompanied by the recognition of truly global challenges that require global responses that, as often as not, can only be led by the United States — and only if the United States restores and maintains its moral authority to lead.

“Naturally, when considering the whole issue of who will live in Europe, one could argue that this problem will be solved by successful integration. The reality, however, is that we’re not aware of any examples of successful integration… In countering arguments for successful integration, we must also point out that if people with diverging goals find themselves in the same system or country, it won’t lead to integration, but to chaos. It’s obvious that the culture of migrants contrasts dramatically with European culture. Opposing ideologies and values cannot be simultaneously upheld, as they are mutually exclusive. To give you the most obvious example, the European people think it desirable for men and women to be equal, while for the Muslim community this idea is unacceptable, as in their culture the relationship between men and women is seen in terms of a hierarchical order. These two concepts cannot be upheld at the same time. It’s only a question of time before one or the other prevails. Of course one could also argue that communities coming to us from different cultures can be re-educated. But we must see – and Bishop Tőkés also spoke about this – that now the Muslim communities coming to Europe see their own culture, their own faith, their own lifestyles and their own principles as stronger and more valuable than ours. So, whether we like it or not, in terms of respect for life, optimism, commitment, the subordination of individual interests and ideals, today Muslim communities are stronger than Christian communities. Why would anyone want to adopt a culture that appears to be weaker than their own strong culture? They won’t, and they never will! Therefore re-education and integration based on re-education cannot succeed.”

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“I start from the premise that the underlying pres­sures toward integration and interdependence are growing stronger, not weaker. We cannot reverse or stop the advancing technology that brings us fast and cheap communication and transportation, or the spread of knowledge.”

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Paul Volcker 5

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“I start from the premise that the underlying pressures toward integration and interdependence are growing stronger, not weaker. We cannot reverse or stop the advancing technology that brings us fast and cheap communication and transportation, or the spread of knowledge.”