Jeffrey Sachs

We, being the Western world, wouldn't let Russia off the hook on debt. So there were demands on debt servicing in the early days until they ran out of reserves. There was no real aid program, just a fictional aid program.

If you have a lot of short-term debt, it means that all of that money can be demanded in a very short period of time. Technically, short-term debt means money that's coming due within a year. Typically, it means money that's coming due within 30 to 90 days.

The standardization of world culture, with local popular or traditional forms driven out or dumbed down to make way for American television, American music, food, clothes and films, has been seen by many as the very heart of globalization.