Joseph Stiglitz on America's Economic Meltdown

[akkonburike]

I hope someday a historian will find this comment. Cos a total nobody figured it out first, suckers ^_^

Stiglitz and Krugman managed to fool 'em all: The political classes, Academics and high profile journalist (LMD etc) - they shouldnt have risen to prominence they are deceitful: Above somebody wrote "he spoke out against globilization", but Stigliz is pro globalization!

You could save the world - if you can drum up a few scientist to refute economics and the NYT, The Economist, Time etc ^_^

[akkonburike]

All right, to show that we aren't bullshiting you: Stigliz DEFENDED child labor with literally the same excuse -- as the early capitalist from Manchester used to DEFEND child labor (note: child labor was successfully banned from England almost a century ago).

Luckily, their credibility is snapped by self-contradictions: If 'regulating' sweatshops and child labor is impossible (according to Krugman) -- then who or what can 'regulate' finance yet alone globalization?

Globalization failed.

[KAAAching1]

agree on some points, disagree with others

[KAAAching1]

agree on some point, disagree with others

[xadam2dudex]

the US will have a lost decade between 2010 - 2020 if not longer unless the system is changed.. but those in power will never let that happen.. until the people rise up against the corrupt system the US is headed for a 3rd world country with a poor and rich society

[detox4u]

medium income is falling but mean income is rising, clever selective use of statistics, seems that ol Stieglitz is being fairly disingenuous.. The economy has always had cycles which is ameliorated or exacerbated by government interaction. Odd how he pulls sundry mix of facts, US housing, world oil prices, to explain cyclical economic behavior. The whole argument is beyond suspect.

[gen6k]

all economists should try to figure out anticapitalism, it doesnt matter how "liberal" or "conservative", how "egalitarian" they are in foreign policy or how efficiently market or welfare socialist they are, capitalism will always for eternity, produce war and expolitation....

[Shenlong86]

Historically very few countries developed from "laisse-faire" policies.....most countries developed using an mixture of aggressive imperialistic measures(colonialism) and protectionism...only when their main industries were stronger they started to use the rhetoric of "free market" to impose western style capitalism to less competitive nation...China is Growing So Fast only because they aren't following the neo-liberal policies like Sub Saharian Africa or South America

[whereismybailouttv]

Maybe these economists secretly want the global depression to continue because it keeps them in business. If the economy was fixed, would anybody:

listen to them?

buy their books?

pay their lecture fees?

be invited on the cable news shows?

No they wouldn't.

[whereismybailouttv]

Here's a suggestion. Instead of all of these economists writing more books and cutting each other down, why not band together to be more effective with your message?

How come there's no National Association of Economists? How come there's no Economists lobbying group in D.C.? Is it because of money, fame, fortune, power, groupies?

[sambking]

Sorry. I don't think so. There is no such thing as "sufficient demand." Demand happens because prices drop to the point where people want to buy certain things. There is no IDEAL state of demand that can be coerced out of "an economy." Read von Mises and Rothbard. Read the Austrian School economists. Stiglitz is just another central planner mouthpiece.

[Someideasandstuff]

@sambking The "Austrians" are some of the most clueless, yet respected, economists on the planet. Unfortunately, the tea-party doesn't understand this.

.

[mrwalterwalters]

@Someideasandstuff Clueless meaning? Many tenants of the Austrians are the basis for the libertairian movement in America. Austrians may be misguided in their mathematics and lack of sophisticated economic modeling, but their understanding of history and view for the future of the world are right on!

[Bellantoni]

@mrwalterwalters Actually it's the other way around.

[mrwalterwalters]

@Someideasandstuff Clueless meaning? Many tenants of the Austrians are the basis for the libertarian movement in America. Austrians may be misguided in their mathematics and lack of sophisticated economic modeling, but their understanding of history and view for the future of the world are right on!

[Someideasandstuff]

@mrwalterwalters the (tea-party) doesn't fully understand how our society is made up of more than just our economic system. I'm not saying there aren't plenty of things that need to be fixed in our government. But if we look at a country like Germany who has an affordable university system and universal healthcare, we should be learning from their models.

.

[perezDeSanFernando]

End the Federal Reserve and its artificial credit expansions which lead to the artificial boom and the misallocation of resources. And how about we stop inflating away our prosperity? How are those with few dollars supposed to survive when the powers-that-be are constantly increasing the money supply and thus devaluing everyone's purchasing power? We need a society of savers and investors, not spenders and debtors. Austrian economics is the cure to the Keynesian disease.

[mwells219]

good to hear economists talking about the importance of aggregate demand again.

[NaomiBlockWhore]

NaomiBlacklocke the youtube user is a BLOCK WHORE!

[arzoyan]

Capitalism is the historic evolution of private property relationship of alienation,exploitation and suffering of humanity in a modality of wage slavery of immense humanity for commodity production to selll for monetary profit . A politically manipulated Market system by State/Governments or Corporations, enslaving, dehumanising , destroying and devaluing all in a nomadic rampaging of profit. We need to share the Earth in cooperation for our common needs and well being transcending capitalism.

[mwells219]

right because workers in communist china or russia weren't exploited in any way.

[arzoyan]

Capitalism is the historic evolution of private property relationship in a modality of COMMODITY PRODUCTION in a POLITICALLY MANIPLUATED and distorted MARKET SYSTEM OF ARTIFICIAL SCARCITY to perpetuate the bondage and needless suffering of immense humanity in the interest of the OWNING/RULING CLASS. The intellectual servants of the system ,some with their noblel prizes safely at home are just apologists to the EXPLOITATION OF THE WORKING CLASS by CAPITALIST CLASS.

[manickeithpreacher]

He did win the Nobel Prize in Economic Science in 2001. The Nobel Memorial Prize in Economic Sciences is just the long form name.

[md8642]

He did NOT win the Nobel prize. He won the Nobel memorial prize(which is nowhere near the standards of the Nobel prize). Also, he is against socialism and capitalism. He just points fingers at everyone w/o suggesting a better way. Add on top of that the actual cost of war was not anywhere near trillions. Most of those war bills contained 80% pork. If his theory really is accurate than B.O. fucked us all.

[steinbeck1805]

there is "only" the nobel memorial prize in economics. the fact that nobel himself didn't specify this prize in his will doesn't tell you anything about the standards.

[md8642]

Economics isn't scientific. Many additional factors play into trends, these can be predicted for periods of time but are not always accurate. In-fact most candidates and winners are either highly disputed or very controversial. Especially since the beginning of the 1990s.

[starmanskye]

The cover hiding reality of predatory capitalism has been blown -- People are finally seeing the effects of corporate greed, political gamesmanship & opportunistic perpetual wars in making possible the world's most massive transfer of wealth, from the devestated middle class to the elites: The top 1% now own 29% of profit earnings, a percentage that surpasses the Great depression. But STILL some people refuse to see the system is hopelessly broken & unjust -- they're slaves to a rotton system.

[jjrglobal]

He understands very little about economics. This is the same guy that said thank god the census is coming up, its going to employee a lot of people. If thats the case lets count the people four times and employee four times as many people. Hes a moron

[unilez]

Finally someone who knows what he's talking about, as a student of ethnicity & human rights the mismanagement of the global economy directly effects the developing world, we all need to take responsibility for globalisation and consumerism and change our behaviour in society

[jvarela965]

Stiglitz is the greatest economist in the world today.

[edsonusa75]

You're wrong my friend. Google Ludwig Von Mises.

[ajsna1]

Absolutely he understands that capital must flow throughout the majority of an economy in order for it to be sustainable, not the rich minority. This is what happened in the 1950's to 1970's, frequently referred to as the golden age of economics.

[mwells219]

it's not just about money in the system, but that the people who are going to spend it have access to it.

[gundamWWW]

He is a great economist cause he understands that in the other country there is a poor shmuck making a dollar a day and 2 rice cakes for hardwork.

And in this country the guy who was doing that job prior, is unemployed and has no future.

Stiglitz should be Obama's economic advisor not Summers...

[juggernautxtr]

good idea lets vote barrack Obama into office again and watch the spending go through the roof some more and the dollar collapse

[NaturesGlory]

5 Months after you posted this comment... it actually happened that way.

[kostyshankles]

J Stiglitz should be the treasury secretary, not Tim Geithner. Stiglitz was blacklisted by Rubin and Summers because he spoke out against globilization.

[XEpikurX]

I believe he would do the better job!

[kostyshankles]

Yes he would, just like Ken Gailbraith or Paul Krugman would. The people in charge of the treasury like Sumners, Rubin, were the ones who had a hand in deregulating it in the first place

[shadowgeyser]

@kostyshankles

Deregulation. Right. Please explain the tens of thousands of pages of regulation in the Federal Register, where regulation increases astronomically every time there is a "slump"? See regulations(dot)justia(dot)com for a list. Also, please address how the Act was repealed in the 90's, and how one vital piece of regulation was left; the FDIC, that incentivized failure.

[Bellantoni]

@shadowgeyser The FDIC is deposit insurance, it doesn't regulate anything at all. It's there to help these banks out of the messes they make.

[myhairyscapegoat]

@kostyshankles Jews running the World.

[tothatextent]

@kostyshankles No, no more Jews controlling money in America. There are already too many.

[franks2732]

@kostyshankles he spoke out and he was right, medium wealth has not increased for over 95% of the worlds population except for the top 5% no one has seen an improvement. Rather the standard of living, disposable income etc have all Plumeted. For all the talk of free markets all we see is continued wealth in the hands of the most wealthy while less money is in the hands of the most needy. What is the solution offered by the robber barons to fix the problem, give them more ability to keep more

[steviemurph71]

This guy knows what hes talking about..simple as that

[Howlinblind]

This guy hits the nail on the head

[marniespeaks]

read the article quiet coup by Simon Johnson

[ThisCanadian]

oh wow, I just read that a few minutes ago!

I understand he'll be speaking on "The Jeff Farias Show" this coming week.

[marniespeaks]

thanks for the heads up!

[marniespeaks]

HOUSE BILL

HR 1207

[marniespeaks]

Americans are serfs

[ThisCanadian]

"corruption is why we win!" ~ Syriana

The Jeff Farias Show (dot) com

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