Joseph Stiglitz on US Growth Between Rich & Poor..Bretton Woods Conference.

Joseph Stiglitz talks about the us growth between the rich and poor ..were the 1% of the world is acquiring the world wealth,at the bretton wood conference held by soros.


Nobel Peace Prize Winner in Economic Sciences Joseph Stiglitz

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With the US economy remaining weak, and with budget woes hitting confidence in the US dollar, talk about a new global reserve currency is mounting. Professor Joseph Stiglitz a Nobel prize-winning economist of 2001 agrees that the world economy needs a new global reserve currency to help prevent trade imbalances that are reflected in the national debt of the US. RT:Speaking of non-functioning, well, what about the US dollar? You are someone who is calling for a new reserve currency. But why? Some say "what is the alternative"?

Joseph Stiglitz: What I've argued for is the creation of a global reserve currency. Reserve currencies are, you might think of a store value and the dollar has been very unstable - understandable given the difficulties of the American economy, our performance was not a stellar. But the fact that in a modern globalized economy, 21st Century, it is an anachronism that a single currency would play the pivotal role that the dollar has played. What I argue in my book "Making Globalization Work" is that the dollar reserve currency system contributes to inequality ... and it actually contributes to the weakening of the global economy, because countries are setting aside literally hundreds of billions of dollars, you might say, of precautionary savings. That's money not spent.

Transprict:

RT: So, you are saying essentially it hurts everybody to have the US dollar as a reserve currency?

JS: That is right. What I've described in the UN commission I chair, explains how we can create a global reserve currency. It is really interesting to be here at Bretton Woods talking about that because Keynes argued for this 75 years ago. In the aftermath of the Great Depression he understood how the links between the UK's problem, UK being the reserve currency then, and that if we are going to have global economic stability we needed to move off of a single country being the reserve currency. Bretton Woods failed from his perspective, in this respect.

RT:And didn't the US disagree and say "we want to be main reserve currency" and got their way? So, would the US have that same power, if world leaders got together today for another Bretton Woods conference?

JS: I think that if that same meeting were held here in Bretton Woods...the world is markedly different. China has close to $3 trillion of reserves, about a third of the global reserves, about $9 trillion. If you own $3 trillion you have some voice in what kind of reserve currency system you want to have. And China has been very clear that it worries about the current dollar-based reserve system right after our UN commission came out and supported it, China supported it, France supported it, Russia supported. So there is a wide understanding of the importance of this idea. And I think if the global economy remains weak, there will be more interest as one of the remedies to the current instability and weakness in the global economy.

World's richest 1% own 40% of all wealth, UN report discovers
gap between us rich and poor quadruples since-1979

sorry Joe, I don't agree with a 1 world currency
run by the Rothschilds and Rockefellers, etc...

this is the very reason why Iraq, Afghanistan and
now Libya was invaded so they could get their
banks in there.

It is not in the best interest of everyone to allow
control over ALL the money in the world.
This is called a banking cartel monopoly.
And there are laws against this type entity
in most civilized nations.

NO NWO !!!!

PS: and oh btw, that RT female reporter was HOTTT !!!

reply to post by boondock-saint


i agree with you totally..but the interesting thing about this interview,is that he admits the western governments will change laws to suit corporation interests ...kinda hinting the whole system is corrupt ..

but also trying to soft over the push for one world order,in the form of unelected powers who will control the money cycle.

reply to post by TheMaverick
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I believe the current sydtem is hoplessly corrupt, but replacing it with a sysytem run br Soros and/or his cronies is NOT the answer. This would be the same as handing them control of the world..literally. Soros et al already think themselves gods. Soros himself loved what the Nazis did in Germany. In his own words he said even though suffering was all around him..it was the best time of his life. I say "No thanks!" We don't need all powerfull sadistics running the world. We have enough woes already.

i don't think many people on ATS get what really going on or care..hence the lack of involvement of this thread and other threads concerning bretton woods conference going on right now and it's implication upon mankind very existence of freedom.

but as i said many times i keep plugging away..

I hear that, and I hear

US is a runaway horse and no one likes that nag, let's put a saddle on her.

Problem is I think I'd rather be nagged than rode into the ground.

I just attended a guest lecture by Stiglitz on this topic and the man seems to be very critical of the Fed and he essentially blames them and Wall Street for the current mess, blaming them of using economics for their own political agenda (greed). He also mentioned that the Iraq/Afghanistan wars contributed greatly, no surprise, but he said that the real cost is over $5 trillion, rather than $2 trillion.