Summary: As the sky darkens over America we find comfort in logical but incorrect beliefs, ignoring the horrifying nature of our core problem. Here are two comforting examples. (1) Our leaders have bad advisors In both national security and economics we have well-funded think-tanks advocating policies not in the nation's interest, supported by neither logic … Continue reading For the holiday season, here are some comforting thoughts about America
Tag: joseph stiglitz
Updates to posts past on the FM website
Some articles you might find of interest, updates about matters discussed on the FM website. Contents About government efforts to control the news At last, sensible action to mitigate the housing crisis News about the financial crisis About the US dollar (1) About government efforts to control the news "Media Criticism, Chicago-Style", Glenn Reynolds, op-ed … Continue reading Updates to posts past on the FM website
Important, even vital, articles from last week
These articles are IMO among the most important from last week. Excerpts are given below. Note that Stiglitz and Krugman have the Nobel Prize in Economics. "Why G20 leaders will fail to deal with the big challenge", Martin Wolf, op-ed in the Financial Times, 31 March 2009 "Obama's Ersatz Capitalism", Joseph E. Stiglitz, op-ed in the … Continue reading Important, even vital, articles from last week
The best analysis to date of the short-term causes of the crisis
Here is IMO a must-read for anyone interested in the short-term causes of this financial crisis. The long-term buildup of debt guaranteed problems for America, but a long series of public policy errors produced a severe crisis. I recommend clicking on the link to read it in full. "Capitalist Fools", Joseph E. Stiglitz, Vanity Fair, … Continue reading The best analysis to date of the short-term causes of the crisis
Geopolitical implications of the current economic downturn
Summary: How will this recession end? My guess: with re-balancing of the global economy and a decline of the US dollar so that the our goods and services are again competitive. No more trade deficit, we can pay our debts, and there will be no serious outflow of jobs. There are several schools of economic thinking about … Continue reading Geopolitical implications of the current economic downturn