Stiglitz Calls for New Global Reserve Currency
"The two enemies of the people are criminals and government, so let us tie the second down with the chains of the Constitution so the second will not become the legalized version of the first." - Thomas Jefferson
Comments:
I wonder if Dr. Stiglitz has been having tea with George Soros and planning the introduction of Special Drawing Rights as the new global reserve currency?
In the three years since the global financial crisis and stock market meltdown, we have seen little, if any, real attempt to correct the defects of the banking system. We see an attempt to re-inflate the flat tire known as the economy through Quantitative Easing, but with little success other than generation of inflation in food, fuel, and commodity prices. True GDP growth (adjusted for sovereign budget deficits) remains distinctly negative in all the major industrial nations except China and India.
In my view, we need to switch from a debt based economy, to a savings based economy.
We need to accept that the economy grows sometimes, and corrects itself by shrinking at other times.
We need to shrink government and get it out of the money business and stick to their core duties of law enforcement, and little else.
Fiat currencies are doomed when one looks at history.
We need a global currency without a government.
We need gold.
The world economy needs a new global reserve currency to help prevent trade imbalances that are reflected in the national debt of the U.S., said Nobel-prize winning economist Joseph Stiglitz.
A “global system” is needed to replace the dollar as a reserve currency and help avoid a weakening of U.S. credit quality, said Stiglitz, a professor at Columbia University in New York. The dollar fell to an almost 15-month low against the euro last week, and the U.S. trade deficit widened more than forecast in January to the highest level in seven months.
“By taking off the burden of any single country, we don’t have to have trade deficits,” Stiglitz said in an interview in Bretton Woods, New Hampshire. “Things would be much worse if it were not the case that Europe was having even more of a problem, but winning a negative beauty pageant is not the way to create a strong economy.”
"The two enemies of the people are criminals and government, so let us tie the second down with the chains of the Constitution so the second will not become the legalized version of the first." - Thomas Jefferson
Comments:
I wonder if Dr. Stiglitz has been having tea with George Soros and planning the introduction of Special Drawing Rights as the new global reserve currency?
In the three years since the global financial crisis and stock market meltdown, we have seen little, if any, real attempt to correct the defects of the banking system. We see an attempt to re-inflate the flat tire known as the economy through Quantitative Easing, but with little success other than generation of inflation in food, fuel, and commodity prices. True GDP growth (adjusted for sovereign budget deficits) remains distinctly negative in all the major industrial nations except China and India.
In my view, we need to switch from a debt based economy, to a savings based economy.
We need to accept that the economy grows sometimes, and corrects itself by shrinking at other times.
We need to shrink government and get it out of the money business and stick to their core duties of law enforcement, and little else.
Fiat currencies are doomed when one looks at history.
We need a global currency without a government.
We need gold.
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