Sunday, February 12, 2012

Has Joe Stiglitz Gone Rogue on the Banksters?

The below clip is completely amazing. Bankster operative Joe Stiglitz,  former Senior Vice President and Chief Economist of the World Bank and  former chairman of the President's Council of Economic Advisors, tells an audience that the current eurozone bailouts are about bailing out the banks and nothing else.

Keep in mind that at one point Stiglitz blamed the collapse of Lehman Brothers on "market fundamentalism":
The date Lehman Brothers collapsed may be to market fundamentalism what the fall of the Berlin Wall was to communism.
Now, he is correctly stating that the crises are the result of bankers making mistakes in judgement and being bailed out by their crony friends in government.


  1. This clip is indeed an almost 180 degree turn for Stiglitz, who typically blames 'free market' greed on the collapse.

    That the artificially induced monopolistic central banking system, regulated above all other industries, and partly formed so that governments could go deeper in debt, caused a recession due to 'free markets' is an otherworldly and myopic view of the world.

    In a market, there would certainly be no Bernanke or Greenspan directing interest rates, oblivious to debt effects because of some strange and misinformed macroeconomics models based on equilibrium, as if an evolving economy can be managed like a physics project.

    Which of course is where the market folks get it wrong as well; since the banking system is an artificial construct, it should be regulated further into a boring and risk averse entity, or returned to a free market based system and allowed to fail (which is what I would prefer).

    Having said all that, I fail to understand the colored lenses with which Stiglitz views the world. But that goes for most macro-economists, who have as surely run us off the cliff as any other profession. These guys scare me as do so many social 'scientists' who have clearly entered a never-never land of multi-variate regressions that have little relevance to the real world.

  2. These insiders all know very well the truth. They know crony capitalism is behind these problems just as they also know that printing money is the cause of inflation. They know that financial system is blowing up due to 100+ years of fiat money, fractional reserve, and central banking.

    To preserve their power, they will lie, cheat, steal, manipulate, and prevaricate to avoid the truth. They prefer lies and power to truth.

    The goal of central bankers and politicians is merely to keep the system running until 5pm without it falling apart. At 5pm they can declare victory and go home. Tomorrow is another day and its problems and fixes can be patched, taped, or otherwise cobbled together.

  3. I'm truly shocked. In its unexpectedness that monologue by Stiglitz is comparable to hearing Obama suggest auditing the FED.

  4. A little CYA methinks.

    The year they let a Ron Paul win the Presidency, is the year before it hits the fan. Then we know who gets the blame.