Jeffrey Sachs

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.

In 1967, the world health community launched a global effort to eradicate smallpox. It took a coordinated, worldwide effort, required the commitment of every government, and cost $130 million dollars. By 1977, smallpox had disappeared.