We could have saved Wall Street without putting our future in jeopardy. I predicted that there would be … - Joseph Stiglitz

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Consensus politics means that you cannot afford to give the many-headed beast, the public, anything to vote against, for voting against is what gargantuan pseudodemocracy has to come down to.

Joseph Stiglitz

We could have saved Wall Street without putting our future in jeopardy. I predicted that there would be all-around consequences - in the long run as well as in the short run. People are now saying we can't afford health care reform because we spent all the money on the banks. So, in effect, we're saying that it's better that we give rich bankers a couple of trillion than giving ordinary Americans access to health care.

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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.

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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.

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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?

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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.

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