Philip Coggan > Quotes

“People like to speculate; even Sir Isaac Newton lost money in the South Sea Bubble. Without speculation, Britain would be a far less vibrant society. Fewer new businesses would be started and new products invented. Busts are a price worth paying, the creative destruction that allows an economy to start anew (Philip Coggan, 2009, page 193).”
― Philip Coggan, The Money Machine: How the City Works

“As these debts become due, rich creditors will be pitted against poor debtors; private-sector taxpayers against public-sector workers, young workers against the retired, domestic voters against foreign bondholders. It is impossible to forecast who will win each of these battles but one thing seems certain: not all these debts will be paid in full.”
― Philip Coggan, Paper Promises: Debt, Money, and the New World Order