This quote by Jeffrey Sachs is describing the procedure of devaluation, which is when a nation's currency is minimized in worth relative to other currencies. Devaluation is a difficult process for a country to go through, as it can have a substantial influence on the economy. It can lead to higher costs for imported products, a reduction in the buying power of residents, and a decline in the competitiveness of domestic products. Additionally, it can result in a reduction in foreign financial investment, as investors may be less most likely to purchase a country with a devalued currency. Decline can also result in a decline in the value of the country's debt, which can be tough for the federal government to handle. In General, Jeffrey Sachs is stressing that devaluations are never simple and can have a significant impact on a nation's economy.
This quote is written / told by Jeffrey Sachs somewhere between November 5, 1954 and today. He/she was a famous Economist from USA.
The author also have 29 other quotes.
"While civilization has been improving our houses, it has not equally improved the men who are to inhabit them. It has created palaces, but it was not so easy to create noblemen and kings"
