Notable Sovereign Debt Quotes from “Dynasties of the Sea”

Hi!!! So excited to learn this am “Dynasties” is the number one best selling transportation book as well as for the third day number one Hot Selling List Transportation book. I wanted to share some notable quotes on the sovereign debt crisis which has unfortunately been dominating the news for years. Here’s to politicans rising above and doing what’s right (fingers crossed!)

Sovereign Debt Worries

“The only sovereign debt that worries me is America’s. My biggest concern there is at some point our creditors will call to question on us. If they do, it will re-orient the cost of capital…I do worry that someday I’m going to wake up and see America not paying zero percent for borrowing, but 6, 7 or even 8%…. In the future, the U.S. may still be paying at zero or if I woke up in 2014 and Uncle Sam was paying 8% for treasury bills, it wouldn’t knock me over. In planning my business, I’ve got to be prepared for, in my view, both eventualities.” – Charles Fabrikant, Chairman of SEACOR Holdings

“We are following the activity in the U.S. very closely. The U.S. is a crucial part of the capital markets so whatever happens in the U.S. it is important for all of us. I am very disappointed with what I see in the U.S. I’m very disappointed by the United States politicians. Because of this political polarization, they lack not the ability but actually the willingness to make decisions and to move this country forward and that is something that has disappointed me.” she paused. “They have the opportunity to take charge but they’re not taking charge in the world economy as they’ve once had before and I’m afraid they’re losing it a bit to other countries. So, I question why the U.S. is letting their position in the global economy in a way to slip.” – Kristin H. Holth, Executive Vice President at DNB Bank ASA

“This is all very much more of a sovereign crisis than a bank crisis in a way because of overspending in Europe. Countries like Greece, Spain or Italy, have systems or social systems and a structure that they actually cannot afford and this is the cause of this crisis.” she said. “So, for me, that’s what I struggle with because this is such a long term issue to solve because the politicians really need to change and we have seen how challenging that has been for Spain and for Greece. They don’t accept it.” – Kristin H. Holth, Executive Vice President at DNB Bank ASA

“There’s not so much wrong with the global economy. What is wrong is that there are no leaders. No one seems to be able to take charge. In America, today they are just bickering about peanuts instead of getting together and discussing other changes that they can make, and find a common ground. But right now, they’re not doing anything, and now things are getting worse and worse. In Europe, it is even worse because we are 27 countries and we can’t agree on anything. Until someone is a leader. Until we have a Churchill or Eisenhower. We need people to take charge. If not, the impact of this lack of leadership will continue.” – Jacob Stolt-Nielsen, Founder of Stolt-Nielsen

“Why would I come in to the U.S. where you will have high tariffs and environmental problems with the authorities because people want to create problems? 30 years ago when I came to the U.S. it was a dream for everybody. That’s not the case anymore. Many Americans are looking for an easy way to make money. They are not willing to work the hard labor. America needs to build itself by enlightening the people who have the money. Instead, people are investing in China, or somewhere else. But the U.S., I think, has an opportunity today because of their energy resources. If I were them, I would give incentives to companies to set up shop, invest money and create jobs here in America.” – Robert Yildirim, President of YILDIRIM Holding AS

“Government can’t squeeze investors because you will kill them or they will run away. America needs to advertise itself to the world again.” – Robert Yildirim, President of YILDIRIM Holding AS

“Both the European sovereign debt crisis and the United States debt has me worried. They need to start repaying what they’ve borrowed. We don’t think it’s going to be a quick global economic recovery.” – Niels G. Stolt-Nielsen, CEO of Stolt-Nielsen

“Europe for me should have not expanded so much. It’s one of our weaknesses. I was against the Euro, because I didn’t believe you could get a common currency if you did not have a common economic policy. Which, today, at last eight or ten years after, I am right.” – Philippe Louis-Dreyfus, President of Louis Dreyfus Armateurs Group

“The United States’ fiscal problems are in some ways worse than in Europe and in some ways better. They’re worse than Europe in that our debt to GDP – government deficit to GDP that has to be financed every year, is greater than the deficit-to-GDP in Europe. The difference is that we print our own currency, so it’s much easier for the United States to monetize its debts than the European countries.” – James Tisch, Chairman and CEO of Lowes Corporation

“The biggest issue in Europe is, they were giving false promises to the youth. Anyone who knows anything about reality knew the promise of employment for life in the public sector would never to be fulfilled. Europe will have to change its attitude. This is a European problem, in essence. So we need an understanding that this lack of employment, with safety of government, does not exist. It’s a lie.” – Angeliki Frangou, CEO of Navios Maritime Partners


Author: loriannlarocco

I am the author of "Dynasties of the Sea: The Untold Stories of teh Postwar Shipping Pioneers", "Opportunity Knocking: Lessons from Business Leaders", "Thriving in the New Economy" and "Dynasties of the Sea: The Shipowners and Financiers Who Expanded the Era of Free Trade". I'm also the Senior Talent Producer at CNBC, and known as the producer with the trillion dollar Rolodex

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