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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.

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
Fall
Confidence
Others
Demand
Money
Lead
Back
Value
Plummeting
Little
Worth
Erosion
Even
Already
Overnight
Would
Seeing
Unlikely
Values
Dollar

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I think what they've been doing is largely almost in firefighting mode without a good conceptual framework - either at the micro or the macro level. Micro, you would ask: What kind of financial or banking system do we want? Macro, you would say: What are the underlying problems in the structure of our economy?
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Climate change is a reality.
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In a globally integrated economy, the biggest challenge is to make sure there is adequate global aggregate demand, achieved through spending, when countries like China feel they must save high levels of dollar reserves to protect against international currency volatility.
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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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For that to happen, growth has to be very strong. To get back to normalcy, we will have to have extended growth of more than 3 percent. That's not in the cards.
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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.
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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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Not everybody is qualified to go to Stanford, but everybody should have access to the best qualify for which they are eligible.
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The problem is a lot of what is called economics is not economics. It is more ideology or religion.
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The extra curricular activity in which I was most engaged - debating - helped shape my interests in public policy.
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The life prospects of an American are more dependent on the income and education of his parents than in any of the other advanced industrial countries.
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The only surprise about the economic crisis of 2008 was that it came as a surprise to so many.
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For 60 years, since World War II, we have been trying to create a rules-based system, a global economic system. We understand that what makes our economy function is what we call the rule of law, and what is true domestically is also true internationally. It is important to have rules by which we govern our relations with other countries.
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GDP tells you nothing about sustainability
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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.
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The problem with NAFTA was with what we wanted. And there, the agenda had been set by our corporations. So what is true is that workers in the United States and workers in the developing countries were often disadvantaged. They were worse off. The big winners were our corporations.
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The important lesson of the deficit is - and the national debt - is we have to be careful about how we're spending money.
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Amherst was pivotal in my broad intellectual development MIT in my development as a professional economist.
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