Credit Writedowns » Joseph Stiglitz

Joseph Stiglitz on Iceland’s Crisis and Recovery

Edward Harrison — Fri, 04 Nov 2011 03:19:01 +0000

I would say that Stiglitz is right that Iceland did well in large measure because Iceland was not subjected to the kind of austerity that you traditionally see in these kinds of programs and which is an anti-growth policy. We are seeing the negative repercussions of this in Greece. He is also right that capital controls were necessary (at least temporarily). Most importantly, sovereigns should not step in and assume all of the banking sector’s liabilities. Ireland has learned this the hard way

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Joe Stiglitz on Quantitative Easing

Edward Harrison — Thu, 28 Apr 2011 21:00:50 +0000

Joseph Gagnon of the Peterson Institute for International Economics and Joseph Stiglitz, the Nobel Prize-winning Economics Professor from Columbia, squared off yesterday on the topic of quantitative easing. Video below. Also see my explanation of quantitative easing: How Quantitative Easing Really Works

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Stiglitz: Of the 1%, By the 1%, and for the 1%

Edward Harrison — Mon, 11 Apr 2011 20:45:12 +0000

The following video talk is based on a must-read piece Professor Stiglitz wrote in Vanity Fair on inequality in the United States

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Stiglitz proposes new reserve currency

Edward Harrison — Sun, 10 Apr 2011 21:47:42 +0000

This topic needs a lot more attention. And I think today's so-called Bretton Woods II fiat system is unstable. Excess money creation and trade imbalances are secular problems that fiat currency has allowed to become destabilizing. If countries like the U.S. can create as much money as they want and run current account deficits as large as they want without any constraint, isn't it likely that credit growth will always eventually outstrip nominal economic growth? Isn't it equally likely that this will always lead to a destabilising financial crisis and the recrimination that global trade imbalances create? That's my takeaway at least. Despite Stiglitz's efforts and the attention paid to this issue by economist Paul Davidson, I doubt we are going to get a voluntary departure from the existing monetary system. I say wait for the next crisis for reform of the monetary system. That is when the issue will be urgent and resonate more with policy makers

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Why The IMF Meetings Failed

Michael Hudson — Wed, 13 Oct 2010 14:08:00 +0000

…And the Coming Capital Controls A cross-post from this past Monday by Michael Hudson, President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City and author of Super-Imperialism: The Economic Strategy of American Empire (1968 &

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Galbraith, Stiglitz and Soros on resisting the inevitability of the Greek debt crisis

Edward Harrison — Sat, 10 Apr 2010 14:00:48 +0000

I would love to have gone to the Institute of New Economic Thinking (INET) conference in Cambridge, but the timing was wrong for me. The effort, sponsored by George Soros, is a much needed collaboration of ideas to help prevent a crisis like the one we are now experiencing. Marshall Auerback reported yesterday on some

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Links: 2010-02-11 – Greece, snow’s effect on jobs report and more

Edward Harrison — Thu, 11 Feb 2010 14:51:45 +0000

The latest on Greece, according to Le Figaro in France, is that the EU will announce an agreement on support for Greece. In the article, Hermann van Rompuy stresses that Greece did not ask for ‘financial aide,’ whatever that means. It sounds like some sort of support will be announced after the EU summit –

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Video: Stiglitz and Hendry debate the Greek bailout

Edward Harrison — Wed, 10 Feb 2010 22:32:03 +0000

Part 1 below is background and analysis Part 2 is where Hendry and Stiglitz talk bailout with the Spanish Ambassador to the UK. Sparks do fly. Related Posts Greek bailout news 1 Feb 2010 The TARP slush fund debate 10 Dec 2009 The SNL version of the Palin-Biden debate 5 Oct 2008 More About:

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It’s the debt, stupid

Edward Harrison — Wed, 23 Sep 2009 14:40:51 +0000

Let’s say I run a company. For the sake of argument, we’ll call it a shoe store in New York City. I am making $100,000 net per year now. But, I look around me and see huge opportunity for growth. So I go to my bank and ask for a loan to expand my business.

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It’s the debt, stupid 23 Mar 2008

Is economic boom around the corner?

Edward Harrison — Fri, 11 Sep 2009 15:07:13 +0000

This September 2009 post still describes my general view on the U.S. economy. If I wrote it today, I would be more bearish medium-term because it is obvious that in 2010 fiscal and monetary policy will become less supportive of recovery. Political pressures to remove fiscal and monetary stimulus are too much to bear. As a result, I give a double dip recession slightly better odds than a multi-year recovery now. But the analysis framing my thinking is largely the same

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Dollar falls to lowest on year

Edward Harrison — Tue, 08 Sep 2009 14:14:17 +0000

The U.S. Dollar fell to its lowest against the Swiss Franc and Euro, while the Canadian dollar and the Scandinavian currencies are also near year highs as well. If you read Bloomberg, you might think this has to do with a bullish equity market call as the dollar’s status as a safe haven is less

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Stephen Roach: The case against Bernanke

Edward Harrison — Tue, 25 Aug 2009 19:21:13 +0000

While most economists have come out in favor of Barack Obama’s decision to re-appoint Ben Bernanke as Chairman of the Federal Reserve Board, Stephen Roach has penned an Op-Ed in today’s Financial Times which highlights the case against Bernanke. It is must reading. Roach has three main points. Before the Lehman bankruptcy, Bernanke was an

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Revisiting employment indicators for signs of recovery

Edward Harrison — Mon, 10 Aug 2009 19:11:54 +0000

If you recall, at the end of May, I wrote a post “Both initial claims and continuing claims now pointing to recovery” that said jobless claims data were pointing to an imminent recovery. The general gist of my argument was recovery would come by year’s end or early in 2010. But we needed to focus

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News from around the web: 2009-08-07

Edward Harrison — Sat, 08 Aug 2009 01:00:00 +0000

On why I can’t get in to see my doctor – James Fallows Being in Canada, I am interested in these stories. FDIC: Failed Bank Information – Bank Closing Information for Community National Bank of Sarasota County, Venice, FL Failed bank 71. Assets of $97 million FDIC: Failed Bank Information – Bank Closing Information for

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News from around the web: 2009-07-20 20 Jul 2009
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News from around the web: 2009-07-20

Edward Harrison — Mon, 20 Jul 2009 04:10:00 +0000

The Best Bank You’ve Never Heard Of – Barrons.com "If you aren’t familiar with Banco Santander yet, you soon will be. The Spanish giant is becoming one of the most profitable banks in the world." CIT near to sealing rescue package – FT I guess there are no CDS players blowing this up Porsche boss

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Links: 2009-06-10

Edward Harrison — Wed, 10 Jun 2009 07:12:00 +0000

Oil rises near $71 after large fall in U.S. crude stocks “Oil raced toward $71 a barrel on Wednesday, after settling above $70 for the first time in seven months on a larger-than-expected fall in crude oil stocks and a forecast that falling oil demand may have bottomed.” 1.6% GDP growth forecast for second quarter

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Edward Harrison — Fri, 05 Jun 2009 08:11:51 +0000

Today vs. the 1980-82 Recession – Menzie Chin “While the job losses, foreclosures, stock declines and other casualties of the current recession have been very painful, substantially more bad economic news is needed to make this recession worse than the downturns of 1980-’82, at least in G.D.P. terms.” May Sales: How Retailers Fared – Real

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Both initial claims and continuing claims now pointing to recovery

Edward Harrison — Thu, 21 May 2009 17:51:36 +0000

I’m back after a brief hiatus. I would like to present you with some data on jobless claims, an economic data series that will become increasingly important in the weeks and months ahead. The data suggest that a recovery is imminent. This should come as no surprise as everyone is jumping on the recovery bandwagon

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Links: 2009-05-09

Edward Harrison — Sat, 09 May 2009 13:44:37 +0000

Schöner sterben mit dem “SZ-Magazin” ” Stefan Niggemeier interessantes Gespräch über den Mangel an deutschen Bloggern, vor allem im akademischen Bereich Wells Fargo Gets $8.6 Billion in Stock Sale, More Than Planned – Bloomberg “Wells Fargo & Co., the fourth-largest U.S. bank by assets, raised $8.6 billion by selling shares, more than planned, after the

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New Finance Blog: New Deal 2.0

Edward Harrison — Sun, 03 May 2009 00:57:13 +0000

This is a new, progressive economic policy blog from the Franklin and Eleanor Roosevelt Institute that launched on April 29th. The effort is lead by Robert Johnson, former Chief Economist of the US Senate Banking Committee. With contributors like Joseph Stiglitz, New Deal 2.0 is a “one-stop shop” for new insights, analyses and proposals on

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Ackman and Stigliz talk Stress Tests with Charlie Rose

Edward Harrison — Mon, 27 Apr 2009 18:46:34 +0000

In this much-talked about Charlie Rose roundtable with Nobel Laureate Joseph Stiglitz joined by Bill Ackman of Pershing Square, Andrew Ross Sorkin of the New York Times and Kate Kelly of the Wall Street Journal, these experts discuss the government-administered stress tests. Joseph Stiglitz has been particularly negative about the Obama Administration’s banking crisis plan.

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Links: 2009-04-18

Edward Harrison — Sat, 18 Apr 2009 06:09:25 +0000

Lifehacker – Gmail Adds Suggested Recipients – Gmail The significance of Obama’s decision to release the torture memos – Glenn Greenwald – Salon.com Libor Caps Longest Drop Since November on Bank Gains – Bloomberg.com A.I.G. Chief Owns Goldman Stake Worth More Than $3 Million – NYTimes.com Personal tales: Saved from foreclosure – MSN Money Starwood

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Obama sacks Geithner and Summers, calls for change

Edward Harrison — Wed, 01 Apr 2009 13:24:55 +0000

This post was an April Fool's joke. We all know this is not going to happen anytime soon

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Links: 2009-04-01

Edward Harrison — Wed, 01 Apr 2009 12:33:03 +0000

Lessons from Japan’s failed fiscal stimulus – Vox Eu Obama’s Ersatz Capitalism – Joseph Stiglitz, NY Times hat tip Mark Thoma The Future of Investing: Evolution or Revolution? – Bill Gross NBER: Household and NFP Differences Are Cyclical – Barry Ritholtz Sacked workers occupy car factory – BBC News Emerging-Market Stocks Extend Best Monthly Rally

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Edward Harrison — Fri, 27 Mar 2009 12:31:21 +0000

Commerzbank reveals toxic assets – BBC News Obviously, there are more writedowns to come. What does this say about what’s on Deutsche’s books? or UBS? MGM Mirage’s City Center Hires Bankruptcy Counsel – Deal Book Fear and Greed – Mark Thoma this is a hilarious post and a must-read Europe fetches the monetary helicopters, at

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Edward Harrison — Tue, 03 Feb 2009 13:23:08 +0000

Twitter, Communication, and My Intermittent Inner Luddite – naked capitalism (Yves Smith doesn’t like the always on culture. Neither do I. I use all the new media but I have similar misgivings about them) Fin24.com – SA house prices still falling FT.com – China to go on European spending spree Dublin ‘worst value’ in Europe

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Edward Harrison — Thu, 08 Jan 2009 14:06:11 +0000

The news today is about interest rates and the economy. First, in the U.S., there has been a huge move to the upside in Treasury yields. The obvious question is whether we are seeing the Treasury bubble burst. There are numerous reasons why this might be the case: China's reduced appetite, huge increased U.S. government debt, reflation expectations. All of these are bearish for Treasuries. While I think Treasuries are a bubble waiting to burst and a bad risk/reward, I see yields going yet lower over the short-term for two reasons: the economy will surprise to the downside. The Fed will purchase as many Treasury bonds as needed to keep interest rates low. See the articles below for both sides of this debate. Meanwhile, in the U.K., the BoE has cut interest rates to an all-time low. That's a 314-year low in fact. Either, they are being incredibly easy or we have one heck of a economic pickle to deal with. Then, finally, there have been all manner of job cuts, warnings, spending cuts, and bankruptcies mentioned in the news. Take your pick on companies

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Links: 2008-12-12

Edward Harrison — Fri, 12 Dec 2008 18:40:52 +0000

It’s Friday and the madness must come to an end. I don’t have a lot on the table so I’ll leave you with just the usual links. I would say the Madoff stuff is pretty unbelievable. See the first four articles to see what I mean. Other news stories can be found at our newsfeed.

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Edward Harrison — Mon, 08 Dec 2008 07:15:12 +0000

Below are a few links to web stories you might enjoy. Other news stories can be found at our newsfeed. The newsfeed is also available via RSS. I would like to point out the story on econbloggers as particularly interesting — where’s Credit Writedowns in the article

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News round-up: 16 Oct 2008 – Blog edition

Edward Harrison — Thu, 16 Oct 2008 15:30:00 +0000

I want to spread the love today, so I am highlighting some of the posts of my fellow bloggers out on the Internet. Most of us have noted that the economic data coming out recently really confirms the fact that we’re in recession. What that means for equity markets is unclear. But, certainly, if this

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