Skip to content

Nobel Prize Winning Economist Who Supports Wall Street Protests SLAMS the Federal Reserve

Nobel Prize Winning Economist Who Supports Wall Street Protests SLAMS the Federal Reserve

By WashingtonsBlog

High-Level Economists Support the Protests

Nobel prize winning economist Joe Stiglitz – like many other high-level economists – supports the “Occupy Wall Street” protests.

People may assume that Stiglitz supports the Federal Reserve because “liberals like printing money”.

Nobel Prize Winning Economist Dislikes the Fed

In reality, Stiglitz strongly dislikes the Fed:

Joseph Stiglitz former head economist at the World Bank and a nobel-prize winner said yesterday that the very structure of the Federal Reserve system is so fraught with conflicts that it is corrupt and undermines democracy.

Stiglitz said:

If we [i.e. the World Bank] had seen a governance structure that corresponds to our Federal Reserve system, we would have been yelling and screaming and saying that country does not deserve any assistance, this is a corrupt governing structure.

Stiglitz pointed out that if another country had presented a plan to reform its financial system, and included a regulatory regime that copied the makeup of the Federal Reserve system it would have been a big signal that something is wrong.

Stiglitz stressed that the Fed banks have clear conflicts of interest, since the banks are largely governed by a board of directors that includes officers of the very banks they re supposed to be overseeing:

So, these are the guys who appointed the guy who bailed them out Is that a conflict of interest?

They would say, no conflict of interest, we were just doing our job. But you have to look at the conflicts of interest

The reason you talk about governance is because in a democracy you want people to have confidence This is a structure that will undermine confidence in a democracy.

Stiglitz is not alone.

Many High-Level Economists Say “End the Fed”

Milton Friedman, Murray Rothbard and many other economists have called for an end to the Fed.

Aren’t Criticisms of Wall Street and the Fed Inconsistent?

While it might at first seem confusing that Stiglitz could support the Wall Street protests and criticism of the Fed, these are really just two sides of the same coin.

View the original article at Washingtons Blog

Related Posts with Thumbnails

Posted in Finance & Economics.

Tagged with Federal Reserve, Milton Friedman, Murray Rothbard, Wall Street, World Bank.

Support #altnews & keep Dark Politricks alive

Any support to keep this site running would be much appreciated! If you see any adverts that interest you then please visit them as it helps me without you even needing to give me any money. A few clicks is all it takes to help keep the servers running and #altnews alive!

Please remember I have written hundreds of articles for this site and I host numerous amounts of material that has been taken offline by their original hosters which would be unavailable for viewing if it wasn't for this site. Therefore I would kindly ask you to help support me so that the site can continue doing what I think is an important job as well as reporting on stories the mainstream media would rather you didn't know about. I personally think it is important to host material such as removed reports that show that even FOX News once repoted on Israeli spy rings following the 9.11 hijackers before September 11th Or publishing the original Liberal Democrats Freedom Bill which was removed from their site once they enacted some watered down rubbish instead once they got into power.

However if you don't want to use the very obvious and cost free ways (to you) to help the site and keep me writing for it then please consider making a small donation, especially if you have a few quid sitting in your PayPal account doing nothing useful!

0 Responses

Stay in touch with the conversation, subscribe to the RSS feed for comments on this post.

Some HTML is OK

or, reply to this post via trackback.