From and by French President Nicolas Sarkozy, in his opening speech given at the 40th World Economic Forum January 27, 2010 in Davos, Switzerland, in which he spanks America and Capitalism as we now practice it:
"To my mind, one of the most striking characteristics of this capitalism which we have allowed to emerge, is that the present was all that mattered and the future no longer counted for anything. Everything for the present immediately, no longer anything for the future. Indeed we saw depreciation of the future in the absolutely exorbitant demand for high yields. Those yields, boosted by speculation and leverage, were the discount rate applied to future revenues: the higher they rose, the lower the importance attached to the future fell. Everything, right away."
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