- Prison Planet.com - http://www.prisonplanet.com -
Nobel Prize Winning Economist Who Supports Wall Street Protests SLAMS the Federal Reserve
Posted By admin On October 11, 2011 @ 3:24 am In Money Watch | Comments Disabled
Washington’s Blog 
October 11, 2011
High-Level Economists Support the 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”
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 .
Article printed from Prison Planet.com: http://www.prisonplanet.com
URL to article: http://www.prisonplanet.com/nobel-prize-winning-economist-who-supports-wall-street-protests-slams-the-federal-reserve.html
URLs in this post:
 Washington’s Blog: http://www.washingtonsblog.com/2011/10/nobel-prize-winning-economist-who-supports-wall-street-protests-slams-the-federal-reserve.html
 Nobel prize winning economist Joe Stiglitz – like many other high-level economists – supports the “Occupy Wall Street” protests: http://www.washingtonsblog.com/2011/10/nobel-prize-winning-economist-supports-protests.html
 Stiglitz strongly dislikes the Fed: http://www.washingtonsblog.com/2010/03/nobel-prize-winning-economist-federal-reserve-system-is-corrupt-and-undermines-democracy.html
 said: http://www.huffingtonpost.com/2010/03/03/stiglitz-nobel-prize-winn_n_484943.html
 Milton Friedman, Murray Rothbard and many other economists have called for an end to the Fed: http://www.washingtonsblog.com/2011/10/libertarians-support-wall-street-protest-demand-to-end-the-fed.html
 two sides of the same coin: http://www.washingtonsblog.com/2011/10/occupy-wall-street-and-occupy-the-fed-are-two-sides-of-the-same-coin.html
 Nobel Prize-Winning Economist: Federal Reserve System is Corrupt and Undermines Democracy: http://www.prisonplanet.com/nobel-prize-winning-economist-federal-reserve-system-is-corrupt-and-undermines-democracy.html
 Nobel Prize Winning Economist: Crisis As Bad As Great Depression Or Worse: http://www.prisonplanet.com/nobel-prize-winning-economist-crisis-as-bad-as-great-depression-or-worse.html
 Nobel Prize-Winning Economist: “War Is Widely Thought To Be Linked To Economic Good Times … NONSENSE”: http://www.prisonplanet.com/nobel-prize-winning-economist-%e2%80%9cwar-is-widely-thought-to-be-linked-to-economic-good-times-%e2%80%a6-nonsense%e2%80%9d.html
 Nobel Prize-Winning Scientist: Human Cloning Will Be Possible In 50 Years: http://www.prisonplanet.com/nobel-prize-winning-scientist-human-cloning-will-be-possible-in-50-years.html
 Farage Slams Nobel Peace Prize Farce As “Insurgency And Violence” Reign: http://www.prisonplanet.com/farage-slams-nobel-peace-prize-farce-as-insurgency-and-violence-reign.html
Copyright © 2013 PrisonPlanet.com. All rights reserved.