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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.

Joseph Stiglitz

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Joseph Stiglitz
Age: 81
Born: 1943
Born: February 9
Critic
Economist
Non-Fiction Writer
Professor
Science Writer
University Teacher
Writer
Gary
Indiana
Joseph Eugene Stiglitz
Joseph Stiglitz
Turn
Largest
Since
Household
American
Finance
Last
Surprising
America
Zero
Years
Saving
Plummeted
Debt
Holders
China
Foreigners

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American inequality didn't just happen. It was created.
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It is unlikely that others would even demand their money back overnight, for doing so would lead to the value of the dollar plummeting what they would get back with be worth little. But what we are already seeing is an erosion of confidence of the dollar, which is seeing the dollar fall in value.
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The military is focusing only on the short run costs. If they don't provide appropriate body armor, they save some money today, but the healthcare cost is going to be the future for some other president down the line. I view that as both fiscally and morally irresponsible.
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The budgetary cost to the UK of the wars in Iraq and Afghanistan through 2010 will total more than £18 billion. If we include the social costs the total impact will exceed £20 billion.
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There must have been something in the air of Gary that led one into economics: the first Nobel Prize winner, Paul Samuelson, was also from Gary, as were several other distinguished economists.
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Macroeconomic policy can never be devoid of politics: it involves fundamental trade-offs and affects different groups differently.
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Nationalization of private debts undermines prudential lender behavior and is a government intervention in the market.
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When I said the pocket of the banks, it is not necessarily a mercenary relationship. It is a mindset.
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