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 10 Apr 2011

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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Links: 2010-02-10 – Greece, Google and Germany 10 Feb 2010

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 Hugh Hendry: “China is Santa Claus” 7 Jul 2009 Chart of the day: Clusterstock – How the AIG bailout worked 28 Jan 2010 Ackman and Stigliz

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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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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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