This Iraq war has been the most "privatized" war in America's history. It has seen the most extensive … - Joseph Stiglitz

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Joseph Stiglitz

This Iraq war has been the most "privatized" war in America's history. It has seen the most extensive use of contractors. The contractors have increased the costs; but they have been necessary - the military simply could not have done it on their own. we would have had to increase the size of the military. But the George W. Bush Administration wanted America to believe that it could have a war, essentially for free, without raising taxes, without increasing the size of the armed forces.

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Certainly, the poverty, the discrimination, the episodic unemployment could not but strike an inquiring youngster: why did these exist, and what could we do about them.

Episodic, Inquiring, Poverty, Unemployment

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.

Currency, Politics, Rest, Today, World

The powershift began already several years ago, under the Bush administration, when the dollar became very volatile and started declining. That is when China shifted from having almost 100 percent of its reserves in dollars to 75 percent. Some countries went completely out of the dollar. The dollar, for all intents and purposes, lost its special reserve status and people starting talking about a portfolio, or basket, approach as a store of wealth instead of the dollar.

Already, Basket, Country, Instead, People, Special

Policies seemed almost deliberately designed to suppress new enterprise and job creation. How many Americans will start a business if the interest rates are 150 percent?

Americans, Business, Creation, Enterprise, Interest, Suppress

China's accumulation of reserves is a result of the IMF's mismanagement of the Asian financial crisis a decade or so ago. If countries know they can't rely on the IMF to help them, their best defense is their own reserve cushion. In a time of spreading global recession, too much emphasis on savings in surplus countries like China can impede prospects for global growth.

Asian, Country, Decade, Growth, Helping, Know