Sunday, August 28, 2016

Stiglitz:The Euro and EU Free Migration Have Been Disasters

By Robert Wenzel

This is huge. A top bankster economist, with a hammer in hand, has knocked a huge hole in the bankster economic equivalent of the Berlin Wall.

Nobel laureate and former chief economist of the World Bank, Joseph Stiglitz,  is out with a new book, The Euro: How a Common Currency Threatens the Future of Europe, where he decries EU free migration and the euro

The Telegraph says the book has a "hastily written 'Afterword on Brexit'”:
Stiglitz acknowledges that “free migration across the European Union” has “been an economic and political disaster”. He also says, significantly, that “Britain isn’t likely to be much worse off and potentially could even be better off” after leaving the European Union.
As the title of the book indicates, he also goes off on the euro:
"Europe, the source of the Enlightenment, the birthplace of modern science, is in crisis.” So says Joseph Stiglitz, Nobel Prize-winning economist and sometime chairman of President Bill Clinton’s Council of Economic Advisors.
“Large parts of Europe” have endured “a lost decade”; incomes per head are “lower than before the [2008] global financial crisis”. While Germany is doing “relatively well”, there’s “soaring youth unemployment” in France, Italy and Spain. “In a well-functioning economy, there’s rapid growth, the benefits of which are shared widely,” Stiglitz writes, but “in Europe we see the opposite”.
So what, he asks, is the “big policy problem”, Europe’s “one underlying mistake”? To some, his conclusion may be surprising. For Stiglitz points his finger squarely at “the fatal decision to adopt a single currency, without first providing the institutions to make it work”.
Yes, the rub is that Stiglitz's explanation for the failure of the euro and EU migration policies is that state institutions were not put in place to properly regulate migration and the euro. Stiglitz must, after all, answer to his crony one world patrons, so it is always about not enough one world crony institutions. But the fact that he has to admit failure, at all, is remarkable. It tells you just how rotted and spectacular a failure the epicenter of the EU plan has been.

The Telegraph gets it:
Passionately written, this important book will rock the smug, often detached eurozone policymaking elite. As a Left-wing firebrand, though, Stiglitz is too quick to blame “market fundamentalism” for the eurozone’s woes, especially when one remembers that a single, rigidly fixed, Europe-wide exchange rate was originally the vision of French socialist Jacques Delors. Stiglitz deserves credit for breaking a taboo among respectable mainstream economists and finally admitting that the single currency is doomed. But if the euro’s structural failings are so “obvious”, why didn’t he point them out 20 years ago, before it was launched?...

This is a book, then, that will unnerve millions of British centre-Left progressives – those who backed British EU membership unquestioningly and now complain bitterly about Brexit. Many such voters, after all, view Stiglitz as their favourite economist.
Robert Wenzel is Editor & Publisher of and Target Liberty. He also writes EPJ Daily Alert. He is also author of The Fed Flunks: My Speech at the New York Federal Reserve Bank. Follow him on twitter:@wenzeleconomics and on LinkedIn.


  1. I hope he is not the next bankster "suicide" we read about.

  2. Last century we went from "The Soviet Union is the socialist future!" to "Well, socialism was never properly tried in the Soviet Union."

    Now we are going from "The EU is the single-market future!" to "Well, the single market was never properly tried in the EU."

    One supposes this is progress. But can we finally get off the bus?