Archive for the 'Joseph Stiglitz' Category

(WashingtonsBlog) – In February 2009, the head of U.S. intelligence – Dennis Blair – said that the global financial crisis was the largest threat to America’s national security. All of America’s intelligence agencies apparently agreed.

The same month, the chairman of the Joint Chiefs of Staff – Admiral Mullen – also agreed.

Now, Mullen is focusing on a specific economic threat. Specifically, Mullen is focusing on the debt:

The national debt is the single biggest threat to national security, according to Adm. Mike Mullen, chairman of the Joint Chiefs of Staff. Tax payers will be paying around $600 billion in interest on the national debt by 2012, the chairman told students and local leaders in Detroit.

“That’s one year’s worth of defense budget,�? he said, adding that the Pentagon needs to cut back on spending.

But at least war is good for the economy, right? At least spending on defense will help the economy recover and climb out of this pit of debt. no? Read the rest of this entry »

(SchiffReport) – August 7, 2010 – Read the rest of this entry »

(WashingtonsBlog) – Joseph Stiglitz – former head economist at the International Monetary Fund (IMF) and a nobel-prize winner – said yesterday that the very structure of the Federal Reserve system is so fraught with conflicts that it is “corrupt” and undermines democracy. Read the rest of this entry »

(ZeroHedge) – For Greece, with on and off balance sheet liabilities at over 800%, it’s game over. For the Eurozone, with the same ratio at about 500%, it is also game over. For the US, at 500%+, it is, you guessed it (sorry Joseph Stiglitz), game over, but since we have the printers, it will simply take a little longer. Following up on yesterday’s popular post on prevailing delusions as captured by Albert Edwards’ colleague Dylan Grice, we present Albert’s latest outlook. Please don’t read this if you want to keep believing there is any hope left for the (developed) world. Read the rest of this entry »

(Examiner) – Joseph Stiglitz understands half the US economic disaster when he explains current policy is “no way to run an economy that’s going to work,�? “there’s moral hazard everywhere,�? and newly-invented and unregulated financial markets have only increased risk, not decreased it. Read More Here

(CNBC) – Layers of money managers that don’t bear the brunt of losses but walk away with big payouts when things go well have turned the US economy to a type of “ersatz capitalism,�? Joseph Stiglitz, Columbia University professor and Nobel laureate, told CNBC Tuesday. Read the rest of this entry »

(WashingtonsBlog) – Everyone knows that the too big to fails and their dishonest and footsy-playing regulators and politicians are largely responsible for trashing the economy.
But the military-industrial complex shares much of the blame. Read the rest of this entry »

Things could get ugly fast. With the Democrats backing-off on a second round of stimulus, the Fed signaling an end to quantitative easing, and Obama moaning about rising deficits; there’s a good chance that the stumbling recovery could turn into another sharp plunge. Read the rest of this entry »

What do you do after you have zero interest rates and you have flooded the world with money and credit? Read the rest of this entry »

(Bloomberg) — Joseph Stiglitz, the Nobel Prize- winning economist, said the U.S. has failed to fix the underlying problems of its banking system after the credit crunch and the collapse of Lehman Brothers Holdings Inc. Read the rest of this entry »

This is an extraordinary 26-minute video documenting criminal conspiracy between Goldman Sachs and the US Treasury with information in front of all of us to see: Read the rest of this entry »

“In a little time [there will be] no middling sort. We shall have a few, and but a very few Lords, and all the rest beggars.�? R.L. Bushman
“Rapidly you are dividing into two classes–extreme rich and extreme poor.�? “Brutus�?
Americans think that they have “freedom and democracy�? and that politicians are held accountable by elections. The fact of the matter is that the US is ruled by powerful interest groups who control politicians with campaign contributions. Our real rulers are an oligarchy of financial and military/security interests and AIPAC, which influences US foreign policy for the benefit of Israel. Read the rest of this entry »

“On my last day in Iraq,�? veteran McClatchy News correspondent Leila Fadel wrote August 9th, “as on my first day in Iraq, I couldn’t see what the United States and its allies had accomplished. …I couldn’t understand what thousands of American soldiers had died for and why hundreds of thousands of Iraqis had been killed.�? Read the rest of this entry »

(Truthout) – Ring-fencing medical knowledge is one of the great grotesqueries of our age. Read the rest of this entry »

Bernanke, Summers and Geithner say that we can’t let the giant banks fail, because – without them – the economy will be starved of credit and we will be plunged into a depression.

This isn’t true. Read the rest of this entry »

The World Bank – IMF is owned and controlled by NM Rothschild and 30 to 40 of the wealthiest people in the world. For over 150 years they have planned to take the world over through money. Read the rest of this entry »

While our media sleep, the United Nations is proceeding, with President Obama’s acquiescence, to implement a global plan to create a new international socialist order financed by global taxes on the American people. Read the rest of this entry »

It’s the 2009 presidential election in Iran and opposition leader Mir-Houssein Mousavi declares victory hours before the polls close, insuring that any result to the contrary will be called into question. Western media goes into overdrive, fighting with each other to see who can offer the most hyperbolic denunciation of the vote and President Ahmadenijad’s apparent victory (BBC wins by publishing bald-faced lies about the supposed popular uprising which it is later forced to retract). Read the rest of this entry »

Some have called this “socialism with American characteristics�?. But socialism is concerned about ordinary individuals. By contrast, the US has provided little help for the millions of its people who are losing their homes. Read the rest of this entry »

The D’Escoto-UN plan, which has received scant media coverage, is nothing short of s full-blown call for world government administered through the UN. Read the rest of this entry »

Opium, famine and banks all played their part in this country’s plundering of the globe. Now it’s over, we find it hard to accept Read the rest of this entry »

(Bloomberg) – The Obama administration’s bank- rescue efforts will probably fail because the programs have been designed to help Wall Street rather than create a viable financial system, Nobel Prize-winning economist Joseph Stiglitz said. Read the rest of this entry »

Game theory tells us that a risk neutral gambler would pay $50 dollars for a coin flip that paid $0 for Heads and $100 for Tails. Game theorists would call $50 the value of the bet.

Suppose someone is willing to fund your gambling problem, and lend you $80 at zero interest. Better still, if you lose the bet you don’t have to pay him back. Under that scenario, the same gambler would pay $90 for the bet, giving him an even chance of winning or losing $10. Read the rest of this entry »

The G20 summit meeting in London from April 1st onward was loudly announced and publicized. Those 20 industrialized and emergent countries (G20) are meeting to find solutions to the crisis. But long before the end of the summit, it is clear that they will not rise to the challenge. Read the rest of this entry »

UNITED NATIONS: A reserve currency system based on an IMF unit instead of the US dollar, a proposal floated by China, could be phased in within a year, Nobel Prize-winning economist Joseph Stiglitz said on Thursday. Read the rest of this entry »

There’s depressing news this week that the big banks are up to their old shenanigans again. This time they’ve zeroed in on Geithner’s cash giveaway bonanza, the “Public Private Investment Partnership” (PPIP). As expected, Bank of America and Citigroup have angled their way to the front of the herd, thrusting their pig-heads into the public trough and extracting whatever morsels they can find amid a din of gurgling and sucking sounds. Here’s the story from the New York Post: Read the rest of this entry »

The U.S. government plan to rid banks of toxic assets will rob American taxpayers by exposing them to too much risk and is unlikely to work as long as the economy remains weak, Nobel Prize-winning economist Joseph Stiglitz said on Tuesday. Read the rest of this entry »

Nobel economists Paul Krugman and Joseph Stiglitz slammed Obama’s economic policy this week. Read the rest of this entry »

The Government should allow every distressed bank to go bankrupt and set up a fresh banking system under temporary state control rather than cripple the country by propping up a corrupt edifice, according to Joseph Stiglitz, the Nobel Prize-winning economist. Read the rest of this entry »