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The momentum today behind the idea of a new global reserve currency reflects, in effect, the rise of the rest in world politics and economics, led by China.
Joseph Stiglitz
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Joseph Stiglitz
Age: 81
Born: 1943
Born: February 9
Critic
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Non-Fiction Writer
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University Teacher
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Gary
Indiana
Joseph Eugene Stiglitz
Joseph Stiglitz
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More quotes by Joseph Stiglitz
Poverty is what we call the extremes at the bottom.
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I knew that discrimination existed, even though there were many individuals who were not prejudiced.
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America has had to turn to foreigners to finance its debt - not surprising since household saving in the last years has plummeted to zero. China is one of the largest holders of American debt.
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They [political leaders ] thought the only problem was the banking system, and if they fixed the banking system, all would be fine. But the banking system and the mortgage problem were symptomatic of some deeper problems, and evidently they still haven't recognized those deeper problems.
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I think that for the developing world there are many versions of capitalism, and countries have to choose one that's appropriate.
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What you measure affects what you do. If you don't measure the right thing, you don't do the right thing.
Joseph Stiglitz
We could, of course, always make the payments, simply by printing more money - we simply promise to pay people by giving them dollar bills - but that could set off inflation.
Joseph Stiglitz
Amherst is a liberal arts college, committed to providing students with a broad education.
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Unfettered market American-style capitalism doesn't work. Developing countries can't afford that kind of luxury. They just can't afford it. Period. If there's a mistake, they can't afford to put out $2 trillion.
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The top 1 percent have the best houses, the best educations, the best doctors, and the best lifestyles, but there is one thing that money doesn't seem to have bought: an understanding that their fate is bound up with how the other 99 percent live. Throughout history, this is something that the top 1 percent eventually do learn. Too late.
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Negative effects on the economy were covered up with a flood of liquidity from the Fed. That,plus lax regulation, led to a housing bubble, a consumption boom - but we were living on borrowed money. It was inevitable that there would be a day of reckoning, and it has now come. We will be paying the costs with interest.
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Climate change is a reality.
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I don't think anybody really thinks that one should get rid of the World Bank. Reform is one thing, but getting rid of it I think would be wrong.
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Most people think the Iraq war has increased the probability of an attack. However, it's difficult to put this aspect into financial terms.
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GDP tells you nothing about sustainability
Joseph Stiglitz
The extra curricular activity in which I was most engaged - debating - helped shape my interests in public policy.
Joseph Stiglitz
Certainly, the poverty, the discrimination, the episodic unemployment could not but strike an inquiring youngster: why did these exist, and what could we do about them.
Joseph Stiglitz
No one would look just at a firm's revenues to assess how well it was doing. Far more relevant is the balance sheet, which shows assets and liability. That is also true for a country.
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Most poor people earn more than minimum wage when they are working their problem is not low wages. The problem comes when they are not working.
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These debt obligations will simply erode America's standard of living in the future. Money spent to service the debt is money that we don't have to spend on consumption's goods, or on investment in our future.
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