Free Republic

The Nobel Prize winner argues that an economy dominated by large corporations has failed the many and enriched the few There is much to be concerned about in America today: a growing political and economic divide, slowing growth, decreasing life expectancy, an epidemic of diseases of despair. The unhappiness that is apparent has taken an ugly turn, with an increase in protectionism and nativism. Trump’s diagnosis, which blames outsiders, is wrong, as are the prescriptions that follow. This is an edited version of his talk delivered at "Does America Have a Monopoly Problem," co-hosted by the Roosevelt Institute and the...

Nobel economics laureate Joseph Stiglitz criticized Puerto Rico’s new fiscal plan on Thursday, saying that its “draconian” austerity measures are the worst he has ever seen and could plunge the U.S. territory into an even deeper depression. The former chief economist and senior vice president of the World Bank spoke to a gathering of more than 1,000 people in San Juan. Stiglitz said the 10-year fiscal plan approved last month by a federal control board created by U.S. Congress is based on the wrong principles and erroneously puts creditors first. […] Puerto Rico is preparing to implement austerity measures that...

Joseph Stiglitz, Nobel Prize-winning economist, thinks so. Phasing out currency and moving towards a digital economy would, over the long term, have “benefits that outweigh the cost,” the Columbia University professor said on day one of the World Economic Forum's Annual Meeting in Davos… “I believe very strongly that countries like the United States could and should move to a digital currency,” he said, “so that you would have the ability to trace this kind of corruption. There are important issues of privacy, cyber-security, but it would certainly have big advantages.” https://www.weforum.org/agenda/2017/01/the-us-should-get-rid-of-cash-and-become-a-digital-economy-says-this-nobel-laureate-economist

On April 8, House Democratic leader Nancy Pelosi headlined a Boston conference on ''media reform.'' She was joined by four other congressmen, a senator, two FCC commissioners, a Nobel laureate and numerous liberal journalists. The 2,500-person event was sponsored by a group called Free Press, one of more than 180 different media-related organizations that receives money from liberal billionaire George Soros. Soros, who first made a name for himself in investing and currency trading, now makes his name in politics and policy. Since the 2004 election, the controversial financier has used his influence and billions to push a laundry list...

More than five years after the onset of the financial crisis, you might have thought economic policy makers would know what to do next. Well they don't. Or at the very least, there is nothing like the kind of consensus that prevailed before the financial crisis. The International Monetary Fund (IMF) has been hosting a conference on rethinking economic policy, organised by four experts in the area, including the IMF's own chief economist. One of the other organisers - the Nobel Prize winner George Akerlof of the University of California - had a vivid analogy for the state of uncertainty...

In the mid-1800s, a cousin of Charles Darwin by the name of Francis Galton wrote a series of works expanding on an old idea of selective breeding in human beings. Galton’s theory became known as eugenics. At its core, eugenics was underpinned by an assumption that talent and genius were hereditary traits, and that deliberate breeding could improve the human race. Within decades, intellectuals were spending their entire careers studying these ideas, quickly spawning a number of different fields dedicated to ‘racial sciences.’ Scholars began closely examining racial differences and building volumes of statistics on everything ranging from intelligence to...

STIGLITZ: We Have To Throw Bankers In Jail Or The Economy Won't Recover George Washington, Washington's Blog | Nov. 4, 2010, 7:57 AM As economists such as William Black and James Galbraith have repeatedly said, we cannot solve the economic crisis unless we throw the criminals who committed fraud in jail. And Nobel prize winning economist George Akerlof has demonstrated that failure to punish white collar criminals – and instead bailing them out- creates incentives for more economic crimes and further destruction of the economy in the future. See this, this and this. Nobel prize winning economist Joseph Stiglitz just...

Ultra-loose monetary policies by the Federal Reserve and the European Central Bank are throwing the world into "chaos" rather than helping the global economic recovery, Nobel Prize-winning economist Joseph Stiglitz said on Tuesday. A "flood of liquidity" from the Fed and the ECB is bringing instability to foreign-exchange markets, forcing countries such as Japan and Brazil to defend its exporters... "The irony is that the Fed is creating all this liquidity with the hope that it will revive the American economy," Stiglitz said. "It's doing nothing for the American economy, but it's causing chaos over the rest of the world....

NEW YORK, Sept. 12 (UPI) -- A United Nations panel says the global economic crisis shows the need for new institutions and replacement of the dollar as reserve currency. The commission, headed by Nobel Prize-winning economist Joseph Stiglitz, said a global reserve system should not depend on a single currency. At a news conference Thursday, Stiglitz called for a new global lender to complement the International Monetary Fund and a coordination council broader than the Group of 20, comprising countries with the 20 largest economies.

Central bank governor Zhou Xiaochuan's recent call to replace the US dollar with a new global currency is gaining traction within the international community. Joseph Stiglitz, a Columbia University economics professor who heads a United Nations experts panel, said a reserve currency system based on an International Monetary Fund (IMF) unit instead of the US dollar, like what Zhou has proposed, could be phased in within a year. Stiglitz's panel has issued a set of recommendations for global financial reforms, including a proposal for a new reserve system based on the IMF's special drawing rights (SDRs) - a basket of...

A UN panel of expert economists pressed Thursday for a new global currency reserve scheme to replace the volatile, dollar-based system and for coordinated steps by rich countries to stimulate their economies. "A new Global Reserve System -- what may be viewed as a greatly expanded SDR (Special Drawing Rights), with regular or cyclically adjusted emissions calibrated to the size of reserve accumulations, could contribute to global stability, economic strength and global equity," the panel said. As part of several recommendations to tackle the global financial crisis, the panel also noted recovery would require all developed countries, in the short...

The Group of 20 should be replaced by a new Global Economic Council, an advisory panel of senior international economists has said. Under the panel’s proposals, the council, which would be a United Nations body, would become the main forum for setting the agenda for worldwide economic and financial policy. The proposal, made by an 18-member UN commission headed by Joseph Stiglitz, the Nobel-prizewinning economist, will be raised at next week’s expanded G20 summit in London, at which heads of state will debate a global response to the world financial crisis. It is part of a draft 10-point plan put...

STIGLITZ CALLS BUSH BAILOUT PLAN "MONSTROUS" Wednesday, 24 September 2008 (Ed. Note: Everybody has an opinion about the current Wall Street meltdown and how best to deal with it, but perhaps the opinion of a Nobel Prize winner in economics should carry special weight. So it is interesting that recent remarks by Nobel Prize winner Joseph Stiglitz to European reporters did not get much play in the U.S. media. Could it be that the U.S. media, so comfortable with Wall Street’s crony capitalists, is part of the problem, too? This report on Stiglitz’s analysis is reprinted from MercoPress .) Economy...

The real cost to the US of the Iraq war is likely to be between $1 trillion and $2 trillion (£1.1 trillion), up to 10 times more than previously thought, according to a report written by a Nobel prize-winning economist and a Harvard budget expert. The study, which expanded on traditional estimates by including such costs as lifetime disability and healthcare for troops injured in the conflict as well as the impact on the American economy, concluded that the US government is continuing to underestimate the cost of the war. The report came during one of the most deadly periods...

Not long ago, Republicans were trying to pass a balanced budget amendment to the Constitution. Their worry was that large deficits would hamper growth and prosperity. At the same time, Alan Greenspan, Chairman of the Federal Reserve, preached deficit reduction too. He saw it as the solution not only to the country’s economic downturn, but also to its more long-term economic problems. Meanwhile, Democrats were skeptical. They believed that deficit spending had brought the country out of the Great Depression, and Democratic economists were overwhelming Keynesians. As such, they feared that raising taxes and lowering government expenditures to try to...

... During recent years, this has not always been the case. Business investment has been on a roller coaster. After growing at a 14.5% annualized rate in the first-half of 2000, business fixed investment stopped in its tracks and grew just 1% in the second-half. The Clinton White House knew this was happening. A member of President Clinton's Council of Economic Advisors (CEA), Kathryn Shaw, said in August 2001, "economic growth had started to fade in the fall of 2000." Mr. Clinton's CEA chairman, Joseph Stiglitz, wrote in 2002 that "the economy was slipping into recession even before Bush took...

September 30, 2003It takes a genius: "the Emperor has no brains" plays better as bumper sticker than as Nobel Prize winner's thesisIt's not a pretty sight when the intelligencia deigns it prudent to dumb down its message. But that's the blight we're seeing as the globalists sense a chance that Hillary could yet become president, sooner rather than later. Today's syndicated column by Columbia economist Joseph Stiglitz is a good example. "I normally write about economics, not politics", he says. Your humble nuclear.com editor notes that his excursion displays a stunningly pedestrian blend of mean-spiritedness, lies, and ignorance. His tales...