Global demand for dollars has supplanted demand for manufactured goods and services, resulting in multilateral trade deficits and loss of jobs at home. Joseph Stiglitz More Quotes by Joseph Stiglitz More Quotes From Joseph Stiglitz The international institutions go around the world preaching liberalization, and the developing countries see that means open up your markets to our commodities, but we aren't going to open our markets to your commodities. In the nineteenth century, they used gunboats. Now they use economic weapons and arm-twisting. Joseph Stiglitz mean country world When you're facing the threat of recession, you need to have an expansionary monetary and fiscal policy. Pre-Keynesian, Hooverite views are dead everywhere except on 19th Street in Washington. Joseph Stiglitz fiscal-policy views needs Fortunately, America remains a robust democracy, where most individuals are not afraid to speak out. What we have done in Iraq has, however, compromised out standing as an advocate of basic human rights - the prime minister of one country responding to criticism of America for its human rights put it, it was liking having Dracula guard the blood bank. The loss of America's moral standing has been one of the great losses of this war. Joseph Stiglitz loss war country The IMF insisted that both Russia and Brazil maintain their currency at over-valued levels. Who are you protecting when you try to maintain that exchange rate by having high interest rates? You're protecting domestic and foreign firms that have gambled on the exchange rate. And who is paying the price? The small businesses that did not gamble [and no longer can afford loans], the workers who are going to be put out of jobs. Joseph Stiglitz russia trying jobs Even if Bush could be forgiven for taking America, and much of the rest of the world, to war on false pretenses, and for misrepresenting the cost of the venture, there is no excuse for how he chose to finance it. His was the first war in history paid for entirely on credit. As America went into battle, with deficits already soaring from his 2001 tax cut, Bush decided to plunge ahead with yet another round of tax "relief" for the wealthy. Joseph Stiglitz cutting war america One has to always ask the question: Where can one be most effective in helping shape policies? It is always difficult when you're inside because you're very constrained. Joseph Stiglitz difficult shapes helping 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 finance No one would look just at a firm's revenues to assess how well it was doing. Far more relevant is the balance sheet, which shows assets and liability. That is also true for a country. Joseph Stiglitz balance country looks You can't overestimate what happens when you encourage regulators to believe that the goal of regulation is not to regulate. Joseph Stiglitz regulation goal believe 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. Joseph Stiglitz military views running These debt obligations will simply erode America's standard of living in the future. Money spent to service the debt is money that we don't have to spend on consumption's goods, or on investment in our future. Joseph Stiglitz our-future investment obligation We are helping the people that [George W.]Bush says are evil. Teheran couldn't be happier about the high oil prices resulting from the Iraq war. Joseph Stiglitz oil iraq war I went to Amherst because my brother had gone there before me, and he went there because his guidance counselor thought that we would do better there than at a large university like Harvard. Joseph Stiglitz guidance brother gone Similarly, payments for a dead soldier amount to only $500,000, which is far less than standard estimates of the lifetime economic cost of a death. This statistical value of a life in the US amounts to circa $6.5 million. Joseph Stiglitz cost soldier lifetime The crisis was 2008, in 2015 - almost eight years later and the gap between where we would have been and where we are is huge and not closing. The implied unemployment rate is very high, labour force participation is very low, and the increase in wages in the second quarter was the lowest in 25 years. Before this turmoil, the U.S. economy was in better shape than Europe or Canada, but not strong. Joseph Stiglitz economy crisis strong The Bush administration has been doing everything it can to hide the huge number of returning veterans who are severely wounded - 17,000 so far including roughly 20 percent with serious brain and head injuries. Even the estimate of $500 billion ignores the lifetime disability and healthcare costs that taxpayers will have to spend for years to come. Joseph Stiglitz brain numbers years Amherst was pivotal in my broad intellectual development; MIT in my development as a professional economist. Joseph Stiglitz mit development intellectual My teachers helped guide and motivate me; but the responsibility of learning was left with me, an approach to learning which was later reinforced by my experiences at Amherst. Joseph Stiglitz guides responsibility teacher In the early 1990s, there was a debate among economists over shock therapy versus a gradualism strategy for Russia. The people in Russia who believed in shock therapy were Bolsheviks a few people at the top that rammed it down everybody's throat. They viewed the democratic process as a real impediment to reform. Joseph Stiglitz debate real people For instance, one of the costs of the war is that soldiers today get very seriously injured but stay alive, and we can keep them alive but at an enormous price. Joseph Stiglitz cost soldier war
