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Nobel Prize Winning Economist: Crisis As Bad As Great Depression Or Worse
Former chief economist for the world bank says “you have to be in fantasy land to say that everything is fine”
Steve Watson
Infowars.net
Wednesday, Sept 17, 2008
Two time Nobel-prize winner and former chief economist of the World Bank, Joseph Stiglitz has warned that the current financial crisis will continue for at least another eighteen months and in many ways represents a worse situation than the one faced by Americans during the great depression of the 1930s.
“You can paper things over for a while but eventually you have to face reality.” Stiglitz told the nationally syndicated Alex Jones show yesterday.
“This is clearly the most serious problem since the great depression and in some ways worse in terms of the financial institutions.” Stiglitz commented, referring to the fact that lenders are unwilling to take risks to finance each other because they no longer have complete access to their own undertakings let alone those of other institutions.
“The reason, in part, is that while some of the same problems that occurred during the great depression and have occurred since, such as excessive leverage, pyramid schemes, bubbles, have happened before, the so called innovation of Wall Street, the financial innovations, that were supposed to manage risk, created a kind of non transparency that is now so great that no one knows exactly the magnitude of the risk they face.”
(ARTICLE CONTINUES BELOW)
“It is particularly bad because our financial institutions are based on trust, you put the money in the bank and you trust that you can get your money out, so trust is absolutely essential for the functioning of our financial markets and the functioning of our economy.” he continued.
“The problem is that much of the news on what is going on in the financial markets comes from those who are making money out of the financial markets. So if you were one of the people involved with Lehman Brothers or AIG, you’re going to be talking up the economy. The head of Lehman Brothers was quoted last April as saying we have turned the corner, the economy is on the uptick. And the same thing goes for the president and the secretary of treasury.”
“The fact is that they are involved in salesmanship.”
Describing the current situation as a “top down crisis”, Stiglitz also cited the $3 trillion cost of the Iraq war as a key factor in the economic downturn, saying it has increased the budget deficit and consumed resources that would otherwise promote growth.
“This is the first war in American history that has been totally financed on the credit card… For the last five years as the war has gone on we have been a debt economy. It is the first war since the revolutionary war that we have had to turn to foreigners to finance, 40% of our national debt is now being financed by foreigners… Even as we went into the war we had a big deficit, and yet the president called for tax cuts for upper middle class Americans.” he said.
“And there is another level of trust, those in other countries have to have trust that the American economy is working well, they have to trust that when the president says everything is going well, it is. This administration has really burned that trust, the president said there is no problem, there’s just a few too many houses been built. Well if that is the level of analysis the Untied States is giving about the nature of its economic problems, no wonder everybody around the world is losing confidence. “
Stiglitz is no stranger to positioning himself in opposition to the establishment on the economic front. In October 2001 he caused controversy when he exposed rampant corruption within the IMF and blew the whistle on their nefarious methods of inducing countries to fall under their debt before stripping them of sovereignty and hollowing out their economies.
“It is clear that the Bush administration is not responding to these problems, partly because the problems are of their own making.” Stiglitz asserted.
Over the next twelve months, Stiglitz predicts that house prices will continue to fall, more mortgages will go into foreclosure and more financial firms will be put into crisis.
“I am particularly worried about what I call the ‘real economy’. Basically when the financial system starts getting weak, it is not in a position to provide credit, to provide loans, to provide mortgages and that means in turn that housing prices are going to fall further, businesses are going to contract, unemployment is going to grow and it is a downward vicious cycle… I don’t want to be obsessively pessimistic but you have to be in fantasy land to say that everything is fine, and even to say that we have turned the corner. We’re still in the downward phase of this economic cycle. We should not anticipate emerging from this for a year and a half or longer.”
In a long term prediction 22 months ago, Stiglitz told listeners of the Alex Jones show that he believed a global economic crash would occur within 2 years. With major financial institutions now folding every week, others touting mergers just to stay afloat and stocks continually plummeting on a daily basis it seems that prediction is coming to pass.
Stiglitz stressed that in order to emerge from the crisis, the economy needs a stimulus, that really works, consisting of increased aid for local government, stronger unemployment insurance and more investment in infrastructure.
“I would take advantage of this particular time in order to stimulate our economy in ways that provide the basis of our longer term economic growth. If our economy is growing then we will be better able to manage some of this financial turmoil.” he concluded.
Listen to the interview below:
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49 Responses to “Nobel Prize Winning Economist: Crisis As Bad As Great Depression Or Worse”
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September 17th, 2008 at 10:53 am
looks like Bernanke’s (central bankers) plan is working.
September 17th, 2008 at 12:13 pm
I am an Ambassador from the Kingdom of Heaven created by G-d for his purpose and the Bible = Basic Instructions Befor leaving Earth … I have no use for Land or Gold nothing to worry about
September 17th, 2008 at 12:19 pm
Other than Alex Jones and Prison Planet/infowars.com, the site that has been doing the best reporting on this issue is the drudge report. Matt Drudge has reported that the Russian Stock Market is closed due a crash earlier this week. Based on that, I am going to say that the New York Stock Exchange will fall within the next month, the nation will catch Cynthia McKinney fever and she will be swept into office as the first black woman President, and it will be via house vote after a three-way split via the electoral college. It will be a comprise with Joe Biden or Sarah Palin being elected Vice-President in a Senate vote.
September 17th, 2008 at 12:31 pm
See a video that says exactly what big media does, and is going to do…
http://ca.youtube.com/watch?v=HiwyFSaBn80
September 17th, 2008 at 12:46 pm
jonny, I have been trying to explain this to all I talk to, but too many want to “take it with them” and only desire to hear the nice, happy things they have been promised by those who are deaf and blind to the creators wishes for mankind, and build their own “prison planet”. Poor sad fools, time is passing them by, while their souls are surrendered to the rich controllers who worship paper and gold……
September 17th, 2008 at 12:53 pm
Maybe a few of the sheep are now beginning to realize what an opportunity they missed by not voting for Ron Paul.
September 17th, 2008 at 1:16 pm
Joseph Stiglitz is always on point. I hope though that someday Alex will grill him on controversial economic core issues like the private FED and fractional reserve fiat money (as presented in the film “The Money Masters”).
September 17th, 2008 at 1:17 pm
Click!
Take a picture……I feel the USA as we’ve known it is about to ….disappear~~~
September 17th, 2008 at 1:25 pm
Oh yeah, link to what I’m talking about in my post above.
http://img147.imageshack.us/im.....iseen0.gif
September 17th, 2008 at 1:30 pm
Let us all join together and put these devils out of business for good-
TAKE ALL YOUR FRNS OUT OF ANY BANK!
Take it all out. Your savings, your checking, your all. Invest in local businesses (buy a partnership/stake), buy gold and semi-precious metals (brass, copper and lead), but
TAKE YOUR MONEY OUT OF THE VERY SYSTEM THAT IS FINANCING YOUR SLAVERY!
soon, it would appear the old tree shall get her watering, and I’m excited to see a common form of justice find the necks & hearts of every CFR member, media exec, and proponent of measures, programs and agencies contrary to the Constitution….
September 17th, 2008 at 1:58 pm
Wow, is sure seems that we have a lot of Alex Jones haters on these post now days. Funny thing….If you dislike Alex Jones and his message, why post message after message after reading all of the Prison Planet blogs? If you dispise Alex so much, don’t listen to his show, or don’t come here and blog….don’t you have any thing better to do? Oh, wait, you want to plug your link to your website, ect.
Get off.
September 17th, 2008 at 2:06 pm
Wow, it sure seems we have a lot of Alex Jones hater haters on these post now days. Funny thing…If you dislike Alex Jones hating posters and their message, why respond to their post message after message after reading all of the posts? If you dispise [sic] Alex Jones haters so much, don’t read or respond to their blogs…don’t you ahve any thing better to do?
September 17th, 2008 at 2:10 pm
Alex didn’t predict 9/11. He predicted that the administration was going to do something with planes and crash them into large buildings, and told us to call the White House and tell them not do do this. I think what happened is that he thought that a small plane would be flown into something like the Empire State Building like what happened in the late 1940’s or maybe into something like a sports stadium. No where in his life has Alex predicted what happened on 9/11.
However, that is not the point. The point is that Alex told us that something big was going down e.g. a terrorist hijacking, and that the government was going to use that event to slam a plane into a building, and he warned us about it.
Then in 2006, he had another chance to warn us that something big would be happening in October, told us to call all the radio talk shows and tell the authorties not to do it. He made Jim Angle of Fixed News snicker at his warning while neo-cons like Sean Hannity got stark-raving mad at us for calling into his show and talking about what he didn’t want to hear. The result was that the October Surprise was only John Kerry performing Operation Open mouth; Insert foot in order to kill the Democratic Party’s chance at either chamber of congress.
As for Alex Jones himself deleting comments, they are most likely not keeping with the program which is on the economy.
September 17th, 2008 at 2:49 pm
Haha Jalex Ones, you are funny! Yes, it’s Alex and the ones like him that stands for all the horror in the world. I am from Norway, and maby I was in on it to? I bet Alex had a foot inside in the invasion of Iraq aswell, maby he has some ownership in Haliburton?
Please share some more light on your helpful thoughts as they are most interesting, instead of just offering such lame attempts to smear.
You are obviously loosing all if this is the best you got!
September 17th, 2008 at 2:49 pm
Did anyone see Lou Dobbs yesterday talking about the 911 commission??????????????
September 17th, 2008 at 4:28 pm
ADD - myspace.com/weknowmovement
September 17th, 2008 at 4:41 pm
Good point about the World Bank being a bad source. They want to trash the Fed because they may be the ones to stand in as World Bank!
September 17th, 2008 at 4:56 pm
The reason there are more haters is that we are finally getting the word out with the info bombs. It is working people are starting to wake from there sleep and the powers to be do not like it as it is putting a bump in there plans. Keep up the good work people.
September 17th, 2008 at 5:07 pm
How about an interview with a Real economist, a Physical economist like Lyndon H. LaRouche, Jr.? The lamestream, lapdog confuse-media can mock LaRouche for telling the Truth about the U.S. Dollar and the American economy, but LaRouche has the last word. He’s a true Patriot and Statesman, an optimist who provides real solutions.
September 17th, 2008 at 5:36 pm
Stay close to your families and neighbors, what we have coming is unstopable. Get some silver, lead and stock up on food. Get right with our creator; we are in for a helluva depression.
September 17th, 2008 at 6:00 pm
No, The Nobel Peace Prize is awarded by a committee selected by the Norwegian parliament. The economics prize is awarded by a committee selected by The Royal Swedish Academy of Sciences. They are not the same body that selected Al Gore for the Peace Prize.
September 17th, 2008 at 6:10 pm
Besides the fact that this economist kind of resembles Richard Dreyfuss he makes some good points, but what most people forget is that what pulled us out of the last Great Depression was WW II, which picked up the manufacturing because of the War but what is different this time is that most of the War Manufacturing is contracted out overseas, so it’s not creating any bump to the economy here. The American middle class is just getting to pay for the war with any benefits. Remember Rosie the Riveter during WW II and women were making good money working overtime for the War machine in the US, and all the corporations were making bullets and hiring. Now we send our boys to die and we get to pay for it but no benefits, no jobs no nothing for us in the U.S, we don’t get Sh*t.
September 17th, 2008 at 6:29 pm
Kim,
I sguuest you butt out of our politics and national movements such as 911 truth. You have no vested interest, since your in AN EU nation. Sorry Charlie, no way no how.
Kim Steinhaug Says:
September 17th, 2008 at 2:49 pm
Haha Jalex Ones, you are funny! Yes, it’s Alex and the ones like him that stands for all the horror in the world. I am from Norway, and maby I was in on it to? I bet Alex had a foot inside in the invasion of Iraq aswell, maby he has some ownership in Haliburton?
Please share some more light on your helpful thoughts as they are most interesting, instead of just offering such lame attempts to smear.
You are obviously loosing all if this is the best you got!
September 17th, 2008 at 6:56 pm
“I sincerely believe that banking establishments are more dangerous than standing armies … If the
American people ever allow the private banks to control the issue of their currency, first by inflation,
then by deflation, the banks and the corporations that grow up around them will deprive the people of all
property until their children wake up homeless on the continent their fathers conquered.”-Thomas Jefferson
“Today the path to total dictatorship in the United States can be laid by strictly legal means, unseen
and unheard by the Congress, the President, or the people… outwardly we have a Constitutional
government. We have operating within our government and political system, another body representing
another form of government, a bureaucratic elite which believes our Constitution is outmoded and is sure
that it is the winning side. All the strange developments in the
foreign policy agreements may be traced to this group who are going to make us over to suit their
pleasure. This political action group has its own local political support organizations, its own pressure
groups, its own vested interests, its foothold within our government, and its own propaganda apparatus.” -
Senator William Jenner, 1954
“I do conscientiously and sincerely believe that the Order of Freemasonry, if not the greatest, is one of
the greatest moral and political evils under which the Union is now laboring … a conspiracy of the few
against the equal rights of the many … Masonry ought forever to be abolished. It is wrong – essentially
wrong – a seed of evil, which can never produce any good.” -US President John Quincy Adams, “Letters on
Freemasonry” 1833
“It was not my intention to doubt that the doctrines of the Illuminati had not spread in the United
States. On the contrary, no one is more fully satisfied of this fact than I am.” -George Washington, 1782
September 17th, 2008 at 7:12 pm
Sorry Stiglitz, you are ALSO late to the party.
Its funny how all these clowns claim to have predicted this thing.
Stiglitz predicted a “market crash”, that is COMPLETELY DIFFERENT from the economic CRISIS we are seeing now.
Again, ONE MAN predicted this crisis, ONLY ONE. He has been talking about it for 30+ years.
This is HIS time to shine.
All the other “economists” are ignoring him because of the horrible realization that the man they used to call “crazy” is actually 100% correct about this crisis. They are saying “NOBODY knows what to do” because their pride will not allow them to deffer to “Mr. Crazy”.
Well guess what? “Mr. Crazy” was RIGHT. He announced the system COMPLETELY DESTROYED July 2007. He has warned of it oncoming for 30+ years. It is his life work.
Everybody else trying to jump onto the train simply does not know what this crisis is all about or the ROOT cause of it.
LaRouche saw the breakdown of our economy occurring since the 70’s. THE 70’s!!!
You can ignore him, fine. But deep down, you know you are doing it, to save your PRIDE.
http://www.larouchepac.com/hbpa
September 17th, 2008 at 8:18 pm
PROTOCOL No. 6
1. We shall soon begin to establish huge monopolies, reservoirs of colossal riches, upon which even large fortunes of the GOYIM will depend to such an extent that they will go to the bottom together with the credit of the States on the day after the political smash….
2. You gentlemen here present who are economists, just strike an estimate of the significance of this combination!
3. In every possible way we must develop the significance of our Super-Government by representing it as the Protector and Benefactor of all those who voluntarily submit to us.
4. The aristocracy of the GOYIM as a political force, is dead - We need not take it into account; but as landed proprietors they can still be harmful to us from the fact that they are self-sufficing in the resources upon which they live. It is essential therefore for us at whatever cost to deprive them of their land. This object will be best attained by increasing the burdens upon landed property - in loading lands with debts. These measures will check land-holding and keep it in a state of humble and unconditional submission.
September 17th, 2008 at 8:27 pm
If we look at the track record of the economy using the real figures for inflation, not the government ones, the U.S. economy has actually been contracting for about two decades. We’ve been in a prolonged recession losing capital and jobs and businesses. When we look at the stock market values, and adjust for real inflation, the markets have been doing bad for quite a while. We’ve lost millions of jobs and thousands of factories and have high levels of debt. The situation is not hopeless though. It will take some wise and gifted leadership to get us out of this mess, but with God’s blessing, it is possible. It will also take gradual changes so as not to create something worse. If we return to a government actually abiding by the Constitution, we will survive.
September 17th, 2008 at 8:47 pm
“Let’s not forget that the same Nobel committee gave the prize to dumb dumb Al Gore. What a fraud.” Humm, did Henry (dual citizen) Kissinger get one?
Better get him on the “show” next time as another creditable guest.
I’d rather hear from Alan Greenspan - At least he wrote a book more along your Infowars.com approach.
In hind sight, having dual citizen Stiglitz on the “show” adds creditability in the future for Jones when trying to get other dual citizens on the “show” that otherwise would avoid Jones.
“Done deal” (as Alex Jones put it during the “show”) Cindy Sheehan being cut off right when she was about to share her views of “Jesus” - Her not being called back out of courtesy, to finish here points, smacks of a great “show” as well.
Thanks for the laughs.
Shalom.
Nancy
September 17th, 2008 at 9:17 pm
I think we are beginning to see some of the elite cannibalize their own kind. How else can you explain why some get bail outs and others are hung out to dry??
Republican congressmen and senators are angry…because they know that their political future has been risked with decisions that they were not in on.
Truthers….pay attention. Some of these so called elitists are being thrown under the bus by the others.
We may see some interesting things in the weeks ahead…that is, interesting things other than terrorist attacks and threats…which are sure to amplify in the near future. Why? Because if the primary issue on the minds of Americans is the economy and how it is falling apart, the Republicans are guaranteed BIG losers.
But the interesting things that I am thinking of are the repercussions of cannibalizing the previous members of your power paradigm that have now been deemed expendable.
The truth is that the control the elite have is merely an illusion, and now you are likely to witness some evidence of this.
September 17th, 2008 at 9:20 pm
Great article from a true insider with a conscience.
September 17th, 2008 at 10:21 pm
fuck all you assholes whining about the AJ haters
hes a pawn,,,,,,and some people are starting to see him for what he is
a useless peice of shit
selling DVDS,,,,,BUY BUY BUY
go DIE DIE DIE
September 17th, 2008 at 10:26 pm
Some idiot named “Aaron Russo is a fraud” said:
“AfAhud;
I agree with you but 95% of truthers are too stupid, fat, lazy, cowardly, or don’t really believe what they say they beleive, to do anything but sit at their keyboard and type, anonymously, on message boards. Not only do they NOT do anything, they aid the criminals by buying corporate America’s products, slaving for corporate America, and giving part of their meager income to the U.S. Government. Corporate America and the U.S. Government has dumbed-down and pacified truthers with devices like the internet, cell phones, television and movies, automobiles, iPods, MySpace, video games, etc. Truthers are now braindead, brainwashed zombie sheep. They are too far under corpoate America’s and the U.S. Government’s thumb to take any kind of meaningful action.”
Dude, what are you smoking?
September 17th, 2008 at 10:30 pm
AL QUAEDA ATTACK US AMBASSY IN YEMEN.
You should see the video on cnn,what a joke.Another inside job…
September 17th, 2008 at 10:40 pm
Alaskan magnetometers went BONKERS with every 9/11 “event”, including the planes-shaped holes appearing in the towers. HAARP was involved.
No one in New York reported the deafening sound of wide-body commercial airliners hitting the towers at full throttle.
In 1999, the Washington Post reported on the military’s psychological operation hologram project.
See here for source information and much much more:
9/11: Distinguishing The Propaganda From The Smoking Guns
http://www.checktheevidence.co.....;Itemid=60
September 17th, 2008 at 11:11 pm
Joseph Stiglitz is great. He knows. Other voices that went unheeded: Nouriel Roubini, Michael Hudson, Richard C Cook, Mike Whitney.
I have been reading these guys for the last few years and never doubted them. Everything they predicted has come true. Believe them.
…
September 18th, 2008 at 12:41 am
So now I have to ask….’WHERE IS THE FEARLESS LEADER BUSH WHILE HIS COUNTRY IS FINANCIALLY GOING DOWN IN FLAMES?’ I guess it’s a good thing that it was only financial and not nuclear.
Not one word from him, so I must assume he’s under his bed, curled up in a fetal position and sucking his thumb and calling for his mommy.
WTF!!! Not a peep out of him….some leader!!
Maybe he was busy with his broker?!?!?!??!?!
September 18th, 2008 at 2:08 am
If Stigliz predicted a global economic crash then it was deliberate and he was part of creating it. Predicting a crash for someone like that is causing it. The idea that you can trust a Jewish former chief economist of the World Bank isn’t credible. I say Jewish because they really do control global financial institutions like the IMF, World Bank and the Federal Reserve. Soros, another Jew was also predicting the crash.
September 18th, 2008 at 6:12 am
Stiglitz is the real deal. Read his story, and weep.
The basics are totally missing in the system that has been foisted upon us all.
No Trust is possible, because there is no transparency.
September 18th, 2008 at 6:27 am
Financial can be just as dangerous as a nuke.
In a money system without trust, honor and transparency, there can be no transacting or just as important, a willingness to transact, or plant the next crop.
That makes it next to impossible for civilization to sustain itself. In a situation without any food on shelves after 3 days, in a week, people will flee the cities as far as they can drive or walk.
Your garden will not be safe if it is within 125 miles of a city. Not for a year or more.
September 18th, 2008 at 1:34 pm
Phil B @25
I think you’ll find Norway pulled out of the EU. Probably the wisest move they ever made.
September 18th, 2008 at 8:10 pm
Stiglitz and Paul Craig Roberts tell it just like it is! What we have is a crumbling socialist government with crazymen in charge. They are pilfering the economy and raping the American taxpayer. They need a diversion to get attention off them so they can continue the looting. American Idol and football fans will wake up someday to the harsh light of reality, and they will realize what suckers they have been after it is too late.
September 19th, 2008 at 1:45 am
Awesome interveiw, I’ve made copies from Prison Planet TV for a couple of friends.
Anyone who wants to support Alex Jones’ efforts needs to put their money where their mouth is and become a member of Prison Planet TV. It’s the least you can do to help support our troops at the tip of the spear.
September 19th, 2008 at 7:41 am
Sorry but today a nobel Prize winner saying something does mean shit.
Henry Kissenger got one in the 70’s and Bush/Cheney got the prize in 2002 for their “work” after 9/11.
September 20th, 2008 at 5:03 am
Norway pulled out?? That’s fucking great! Maybe I’ll move there instead of Russia.
What is our country turning into???
September 20th, 2008 at 12:36 pm
hilarious that people think this is the fault of “socialism”. hilarious.
September 21st, 2008 at 5:09 am
“Do not put your trust in nobles, nor in the son of earthling man, to whom no salvation belongs. His spirit [life-force] goes out, he goes back to his ground; in that day his thoughts do perish.” (Ps. 146:3, 4) No human leader is immortal. His dead body ultimately disintegrates and returns to the ground, from which man originally was taken. (Gen. 2:7; 3:19) The eventuality of death undermines confidence in human leadership, if nothing else does.
WHY HUMAN LEADERSHIP MUST FAIL
There are basic reasons why human leadership must fail. For one thing, mankind’s Creator says: “It does not belong to man who is walking even to direct his step.” (Jer. 10:23) But human leaders have been trying to direct their steps while ignoring God and his Word, the Bible. World conditions, however, testify to the truthfulness of what the Creator said.
September 21st, 2008 at 10:35 pm
Sorry reich-wingers but “We the People” IS a socialist statement (or communitarian if you like). “We the financial institution and the Robber Barons” is a fascist statement and it’s undemocratic to boot. It is time We the People took our country back from the fascist overlords.
September 22nd, 2008 at 5:25 am
No 28- Carl,
You are so right. I first read ” Protocols of the Elect Elders of Zion” some 30 years ago. It has amazed me to watch their written plan come to fruition. I’m glad this is all just a bad dream. Ha.
January 12th, 2009 at 10:00 am
The best way to destroy the capitalist system is to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.
John Maynard Keynes
When people begin anticipating inflation, it doesn’t do you any good anymore, because any benefit of inflation comes from the fact that you do better than you thought you were going to do.
Paul A. Volcker
Inflation is thought of as a cruel, and maybe the cruelest, tax because it hits in a many-sectored way, in an unplanned way, and it hits the people on a fixed income hardest.
Quotation of Paul A Volcker
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value.
Alan Greenspan
Whatever you tax, you get less of.
Alan Greenspan
“I must say, I never expected to see the day where I would be talking about anything other than reducing the debt, I’m running into the tyranny of zero, which is where you can’t reduce [the debt] any more.” -
– Alan greenspan
“Look at it! Look at it, damn you! This is the result of your consistent, persistent, grinding, impoverishing inflation, you despicable loathsome morons!” -
– Alan greenspan
Pretty much says it all