Joseph Stiglitz on Managing the Global Credit Crunch

As part of our effort to pro­vide insight into the ongo­ing cred­it cri­sis, we present a talk just giv­en at Oxford Uni­ver­si­ty by the Nobel Prize win­ning econ­o­mist, Joseph Stiglitz (iTunesRss Feed). The author of Glob­al­iza­tion and its Dis­con­tents uses the talk as an oppor­tu­ni­ty to out­line the events that con­tributed to the glob­al cred­it cri­sis, and the future reg­u­la­tions that could get us back on track. The talk runs a good hour, and it takes about 20–25 min­utes for Stiglitz to real­ly focus on the cred­it crunch, and about 45 min­utes before he starts dis­cussing tan­gi­ble solu­tions. Don’t expect any mag­ic bul­lets, any short term solu­tions that will get the cur­rent cri­sis under con­trol. It’s more prag­mat­ic long-term solu­tions that you’ll find here.

Relat­ed Con­tent:

The Finan­cial Cri­sis Explained

Ten Days That Shook The Finan­cial World

This Amer­i­can Life Demys­ti­fies The Cred­it Cri­sis


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  • What’s been lost so far in all the uncer­tain­ty and con­fu­sion of this coun­try’s cur­rent finan­cial fias­co?

    The fact that a cadre of white col­lar crim­i­nals are still out at large, just pos­si­bly pulling off one of the great­est heists in this coun­try’s his­to­ry?

    I think so.

    I also imag­ine them as a well fund­ed group of char­ac­ters –polit­i­cal­ly con­nect­ed too, undoubt­ed­ly set for life now – all of the mon­ey need­ed for a life­time of com­fort and leisure, secured in just 3 to 5 years of fraud and deceit.

    Too many under­es­ti­mate the untem­pered short term prof­it motive — to get in and out quick­ly, mak­ing mil­lions, no wait, some mak­ing bil­lions in the process.

    While many of us now reel in the uncer­tain­ty of our own short and long term finan­cial secu­ri­ty, the par­ty’s just begun for those who’ve per­fect­ed steal­ing with a pen­cil.

    I’ll tell you what I think is miss­ing from this news sto­ry thus far. Mort­gage and bank­ing CEO’s in suits being led away in hand cuffs, a new breed of no-non­sense reg­u­la­tors being intro­duced to the Amer­i­can peo­ple, and how about a uni­fied Amer­i­can voice declar­ing enough is enough!

    “I believe that bank­ing insti­tu­tions are more dan­ger­ous to our lib­er­ties than stand­ing armies. If the Amer­i­can peo­ple ever allow pri­vate banks to con­trol the issue of their cur­ren­cy, first by infla­tion, then by defla­tion, the banks and cor­po­ra­tions that will grow up around [the banks] will deprive the peo­ple of all prop­er­ty until their chil­dren wake-up home­less on the con­ti­nent their fathers con­quered. The issu­ing pow­er should be tak­en from the banks and restored to the peo­ple, to whom it prop­er­ly belongs.” — Thomas Jef­fer­son, Let­ter to the Sec­re­tary of the Trea­sury Albert Gal­latin (1802) 3rd pres­i­dent of US (1743 — 1826)

    Gary E. Geraci

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