Robert C. Solomon Quotes - Page 2

There is a European Central Bank, of course, established and it has the structure similar to the Federal Reserve system, not precisely the same but similar.

Chances are the movements of the euro as against the dollar will be relatively moderate.

If a currency is to become a growing, an increasing reserve currency, there has to be not only a demand for it there has to be a supply of it.

Familiarity can no longer be a necessary condition for trust.

Another question has been raised rather widely in Europe, in Japan as well as in the United States is what, to what extent will the euro become a reserve currency.

The major material advantage, financial advantage from having a reserve currency is that between 200 and 300 billion dollar bills, that may be twenty, fifty, hundred dollar bills as well as ones, exist in the world - a lot of them in Russia as you all know I'm sure.

The dollar is currently the principal reserve currency in the world.

Back in those days, in the fifties and sixties, countries had balance of payment's deficits or surpluses, those were reflected much more than today in movements of reserves among countries.

So if the euro, if Euroland is to become a reserve center, if the euro is to become a reserve currency, Euroland will have to have a deficit in its overall balance of payments.

On private transactions, I'll just go very quickly now, a major difference between the United States and Euroland is that in Europe banks are much more important in financial transactions than in the United States.

In the United States, securities markets are much more developed than they are in Europe.

The prices of all imports would rise if the dollar depreciates.

Some countries that are close to Europe that already hold Deutschemarks, clearly would automatically hold euros, those are countries in Eastern Europe mainly, a few countries in Africa.

Indeed, some kitsch seems to be flawed by its very perfection, its technical virtuosity and its precise execution, its explicit knowledge of the tradition

High kitsch, whatever else may be said of it, cannot be openly dismissed as cheap.

High-class kitsch may well be "perfect" in its form and and composition: the academic painters were often masters of their craft. Thus, the accusation that a work of kitsch is based not on lack of for or aesthetic merit but on the presence of a particularly provocative emotional content. (The best art, by contrast, eschews emotional content altogether.)