This page has been archived and commenting is disabled.

Stiglitz: “Sick”!

Pivotfarm's picture




 

Click here to follow ZeroHedge in Real-time on FinancialJuice

Joseph Stiglitz, Nobel Laureate and Professor at Columbia University believes that the US economy was and still is sick. He believes that it will remain sick because of bad choices that have been made from 2008 onwards:

“Soon after the global financial crisis erupted in 2008, I warned that unless the right policies were adopted, Japanese-style malaise — slow growth and near-stagnant incomes for years to come — could set in.”

The right policies have not been adopted. Financial institutions are still not doing much more than speculating, rather than investing.

Imbalances are rife and inequalities abound. We hardly need to look very far to see that nothing is changing except (maybe) getting worse.

Stiglitz states today in an interview with CNBC: “On both sides of the Atlantic, GDP is likely to grow considerably faster this year than in 2013. But, before leaders who embraced austerity policies open the champagne and toast themselves, they should examine where we are and consider the near-irreparable damage that these policies have caused.”

Stiglitz believes that downturns in the economy come to an end at some point in time. Although perhaps, what might be true in this case is that policies have done nothing to exacerbate and render the problem almost irreparable. Economics is not clear-cut and no it can’t be made better by adding A and B and ending up with C. But, what can happen, even in simple math is that A plus B ends up with the result Z. We are right down there at the bottom with the simple math the governments have been doing. The policies that have been implemented will not and have not made the downturn in the economy shorter. They have not cushioned the landing to make it easier. Stiglitz calls the damage as a result of the policies ‘long-standing consequences’.

The situation has simply got worse. We are not even at a point where we are back to levels of growth that we were seeing before 2007 and the financial crisis. The truth is the financial crisis hasn’t ever come to an end and it certainly hasn’t seen things getting any better. Whether it be in Europe or in North America, the figures speak for themselves.

• Germany, which is considered to be the best of a bad bunch in the EU, has only seen a 0.7%-growth rate over the past six years, on average.
• There needs to be no finger pointed (we all know) at Greece as the country that has performed the worst since the economy has shrunk by 23%. Yet, the Troika congratulates itself on the good job done at stopping the country going under. Perhaps we just don’t have the same set of values any more. 
• The US is still underperforming by 15% had it grown at the same rate as it was prior to the crisis. 
• If that’s not enough to convince anyone, median real income in the USA is below levels that were attained in 1989.
• You would have to go back 40 years to see full-time male-worker median salaries at the level they stand at today.

The economists were either so bad at predicting the downfall of the economies in the world prior to the crash, or otherwise they did their darnedest to pull the wool over the eyes of the rest of the public (everyone but the banksters and the policy-makers; after all they were in on the secret, weren’t they?). There’s hardly anyone that would openly admit that the economy is going to get better, is there? Do people still believe that or is it all still media hype with a whole load of spin to get us to vote them back into position of power and authority so the scheming can continue?

Government policies won’t change as we are so far now down the river that any amount of paddling up the proverbial creek will have little effect on what is going to be a bitter time of discontent. At one time the discontent only lasted for a winter, but, now it’s here to stay. It’s going to be a bitter winter of discontent. Long, hard and cold. The policy makers won’t change because they haven’t got an answer and they won’t change because they are still pandering to the banksters and shoring up the stock markets in the hope that there will be MOAR.

The polices undertaken by the governments of the entire western world have heightened inequalities in society. Inequalities of wealth, between men and women, between the old and the young. The economies of those countries cannot right themselves because of the inequality that exists between people; the’ haves and the have-nots’ has never been a more fitting description. But, inequalities will lead to further reductions in demand. The rich get richer, hoarding their wealth and they stop spending; the poor have no money left as we listen to government leaders pontificating and vociferating about how the ‘coffers being empty’.

Governments have reacted like we all watch them do when there is a tsunami, an oil-spill or an earthquake. They stand and watch from their offices and then when it’s too late they put their wellies on and hop into a helicopter to fly over the disaster zone. It’s too late now. The poor will have to get used to looking on as the rich accumulate more. The former will have to adjust their standard of living, as the ultra-high-net-worth individuals add another $2 trillion to their wealth in 2013 (up to $30 trillion now). The poor are the 90% that own just 13% of the world’s wealth. Peanuts.

Why would governments take that into consideration? We don’t even go to vote these days as much as we used to. We have given up. Giving up means they have won.

Originally posted: Stiglitz: “Sick”!

You might also enjoy: Hyperinflation – 10 Worst Cases

 Death of the Dollar | You’re Miserable USA! | Emerging Markets: Lock, Stock and Barrel | End of the Financial World 2014 |  Kristallnacht on Wall Street? Bull! | China’s Credit Crunch | Working for the Few | USA:The Land of the Not-So-Free  

 

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 02/11/2014 - 15:39 | 4424734 MrVincent
MrVincent's picture

Stiglitz is a socialist. He and many other socialists keep talking about what we already know, but he blames capitalism. He loved all the bailouts and govt spending that took place after 2008.

Tue, 02/11/2014 - 11:38 | 4423787 ZeroRights
ZeroRights's picture

I would say the odds are 100 mil to one that Stiglitz is a flaming liberal, that being said, he has the guts to say the economy has been sick since the policies of the intellectually low level Obama administration have been inacted. 

Tue, 02/11/2014 - 15:02 | 4424547 novictim
novictim's picture

No.  He has said the economy has been sick since wages stagnated and productivity boomed starting in the late 1970's.

Only the movement of women into the workforce to form 2 income households allowed for a holding off of poverty.  Later, borrowing on the value of homes helped to stretch the sense of stability.  

Now there are no more tricks left in the quiver.  

You might want to drop the false dichotomy of liberal vs conservative and start thinking about your own skin for a change.  We need a public that recognises what is at stake for themselves and their families.

Jettison the ideology.

Tue, 02/11/2014 - 10:09 | 4423528 Orwell was right
Orwell was right's picture

Another dumb-ass article from PivotFarm.    Starts on well-trodden ground...(wealth inequality)...but goes no where

As for Stiglitz....  "The rich get richer, hoarding their wealth and they stop spending; "   ....that stupid SOB misses the point.... even if they wanted to, the rich can NEVER spend enough money to keep an economy going.       Even if the 1% suddenly bought 10-times more of everything than they ever needed, that still doesn't come close.   

A healthy middle class is essential.    Free markets (with some rules and boudariies of course) are essential.   Curtailed government spending is essential.   Laws that punish the ultra-wealthy and poor alike are essential.    And last but not least...a political system that is not owned by super wealthy elites is essentail.

Unfortunately, the US is losing...or has lost...all of these.

Tue, 02/11/2014 - 14:53 | 4424515 novictim
novictim's picture

This is a tough one.  

Should I mark you down for not understanding what Stiglitz is saying...or mark you up for getting the notion that the system requires a middle class consumer base?  

"Orwell was right" and he would certainly agree with the Marxist analysis presented by Stiglitz.  It's again ironic that your own nom de guerre doesn't match your level of understanding. 

Maybe a few questions might help you think your way out of this?  

Q1:  How is it that you would expect the market to somehow reverse itself and start paying folks middleclass wages again as in the 1940s through the 1970's?  

Q2: Boeing threatened to move the 777 Airplane production from Washington state to South Carolina last month unless it got big concession from Washington state in the form of tax breaks and more wage cuts from the Machinist Union.  That is the capialist system, bub.  It's a spiraling down of wages to increase the profits of a select few.  It is an unrelenting process.  And in the end Consumerism collapses.  So how would you propose to reverse this natural problem of capitalism if not for using some form of wealth redistribution (Progressive taxation/confiscation/inflation)?

 

"Over the last two decades, it has outsourced much of the parts construction to foreign firms. And with thousands of sales expected for its new 787 Dreamliners, which use lighter-weight materials and new engines to cut fuel costs, Boeing built the second assembly line in North Charleston."

-http://www.nytimes.com/2013/11/09/business/boeing-threatens-to-build-777...

Tue, 02/11/2014 - 10:18 | 4423548 Winston of Oceania
Winston of Oceania's picture

Socialists are laying the framework to confiscate wealth a well as income. Mean old richers hoarding their money, they should give it over to Uncle Joe, er I mean Sam to share with the less fortunate. So 1930's...

So many bugs on this site I can hardly complete a thought without having to go back and fill in the gaps where it just hangs up for a sec and misses the keystroke. Anyone else having that trouble?

Tue, 02/11/2014 - 19:45 | 4425791 Accounting101
Accounting101's picture

Right, the socialists. Taking our money and giving it to the less fortunate.

My god! If that's the common narrative, there is absolutely no hope. Five years after the greatest financial crisis in world's history and we still don't know what happened. The biggest con ever, and the crooks still aren't held accountable.

Tue, 02/11/2014 - 15:16 | 4424624 novictim
novictim's picture

Play a game of monopoly.  Then try to keep the game going on forever.  

 

Wealth redistribution has been insufficient up to this point and so consumers are broke and the system is spiralling down. If you don't beef up redistribution via Progressive Taxation/COnfiscation/Inflation then kiss the consuemr economy good bye.

Tue, 02/11/2014 - 09:22 | 4423368 no more banksters
no more banksters's picture

"It is characteristic that, according to the famous economist, Joseph Stiglitz, IMF had made wrong predictions in the past concerning US economy, which (thankfully) were ignored. Maybe this time, some will "consider" (unfortunately) not to ignore them."

http://failedevolution.blogspot.gr/2014/02/when-system-threatens-with-ne...

Tue, 02/11/2014 - 04:23 | 4423091 BeetleBailey
BeetleBailey's picture

Personally, I prefer Hugo Stiglitz

Tue, 02/11/2014 - 03:17 | 4423032 TheCosmicTaco
TheCosmicTaco's picture

Krugman may be a fool, although he did predict the 97 Asian crisis, but Stiglitz makes him look like a genius. Anything Stiglitz says is pure regurgitated hogwash. The man lacks any spark of original intelligence... I gave up on Stiglitz after trying to read one of his books. It was utter crap.

Tue, 02/11/2014 - 02:39 | 4422997 novictim
novictim's picture

Stiglitz is not in the business of predicting the vagaries of daily market fluctuations or the day and minute at which time a bank run (ala GREECE) will occur. He's a smart guy, not a sooth sayer, and he is not offering snake oil! So don't try to pin that on him. The value of Stiglitz is that he applies a Marxist analysis to the economic picture. If that disturbs you or makes you fidgety then tune him out and return to watching Duck Dynasty. You clearly are not cut our for the real world. But if you can handle this alternative and well respected interpretation by Marx (who loved capitalism BTW) then you should look into Stiglitz's writings. He does a decent job of outlining the Crisis thesis and understanding this will make the current economic situation understandable and scary as shit. Key idea: We are in a consumer collapse which is the inevitable product of a capitalist system that necessarily grossly underpays the worker who is also the consumer. The result is too much production capacity (ie unemployed workers and idle factories) and a ever shrinking and impoverished consumer base. Sound like today? Yep.

Tue, 02/11/2014 - 11:21 | 4423728 TMLutas
TMLutas's picture

Either you're grossly misrepresenting Stiglitz or he's a loon. People have the choice to be paid before, at, or after the sale of production. Their incomes within that production chain are determined by supply and demand for people to occupy each of these slots (and the various hybrids between them). People start at before production compensation because they can't afford the risk of after and the irregularity of at. They sacrifice income to get security. Compensation rises as you move to roles that have less supply (at equal competence levels).

The market is telling salaried and hourly wage earners to by and large get out if they can. There's an oversupply of people in those roles at almost all skill levels and thus incomes are stagnant at best and often dropping. If we stop the social mythology that incentivizes people to go into hourly and salaried work, more people would shift their compensation schemes and reduce the oversupply while at the same time, increasing the demand for such work. 

It just simply is not true that the workers must be underpaid unless you hold that mobility between these three roles cannot be significant. Asserting that a variable is a constant is a foolish error but I don't know if it's yours or Stiglitz's

Tue, 02/11/2014 - 14:13 | 4424368 novictim
novictim's picture

"People have the choice...It just simply is not true that the workers must be underpaid..."

Hey, maybe I'm a loon too?  Because I believe in capitalism!

So let's start with an acknowledgement that the free market system is the -natural- system of trade and commerce.  From ancient Rome to modern day Somalia to the trade that occurs on the streets of Paris, we see the natural process at work.  

In its unfettered and idealized form, the free market is a system that requires no regulation as it has a knack for incentivizing the production of needed goods and services.  As Marx noted, Capitalism is the BEST system for organizing the labor of the people, of allocating resources to where they are most needed, and of growing wealth…(CAVEAT) that is, within the initial stages of its cycle. 

It is like clockwork that an individual exchanges goods (barter) or currency for merchandize at an exchange rate that suits both the merchant and consumer.  And it is like clockwork, also, that the factory owner pays the worker/consumer significantly less than the value of what they produce.  How could it be any other way?

But in no way does the Free Market capitalist system dictate what it is to be “Underpaid”.  The free market has no notion of “fair” or of the needs of people.  The market dictates exchange rates so "CHOICE" really does not exist.  The market has no mechanism that dictates a floor of decency that meets the minimum subsistence requirements to survive and remain healthy.  And further, this system exists only in the briefest of moments before capitalists rightly realize that they can organize their efforts to dictate pricing and form monopolies. 

But more fundamentally, even if you impose regulations to prevent monopoly (regs never work for long), the Capitalist Crisis –must- rear its ugly head sooner or later. 

Underpayment of the worker –must- equate to underpayment of the consumer and that is the fundamental flaw.  

 

Consumerism over time must fall short of production and thus leads to ever lesser production. The system, if allowed to run the course, spirals down into near complete poverty and a wealthy few which is the end of consumerism.  History shows this process in the form of destitute working people marching with pitchforks, again and again and again.

Tue, 02/11/2014 - 07:29 | 4423243 Bendromeda Strain
Bendromeda Strain's picture

Bullshit. AEI busted Stiglitz taking a six figure sum to write a glowing assessment of the GSEs, no doubt one of the papers that Bawney Fwank counted on in his "shibboleth of safety and soundness" rant against Falcone from OFHEO. You are the one who needs to grow up, pull your pants up and turn off Maher. All your idols have feet of clay.

Tue, 02/11/2014 - 13:32 | 4424203 novictim
novictim's picture

Ben, I don't watch Maher so I don't get the reference.  

Regarding that scumbag, Barney Frank, I don't see the connection to Marxist analysis.  Barney is just a cog in the Crony Capitalist System as are 95% of our Federal elected officials.

 

Can you post the link that documents Stiglitz taking massive compensation in return for misrepresenting the Greek systems problems?  Was this before or AFTER the austerity plan was imposed on Greece?  That is an important distinction as Stiglitz does not claim to have SUPER POWERS.

 

Regarding Super Powers, I want to point something out to you.  Your attack on Stiglitz is based on undermining him within his supposed role as "Expert".   Noting that the guy will say anything for money is a hell of a charge and, if true, would devastate his credibility.  

But is that the correct angle of attack?  I'm referring to him only in so far as he is reminding us of the Capitalist Crisis theory.  I recommend you start there and attack these ideas (if you don't find them compelling).  Good luck, though.  The majority of economists admit that Marx laid out a real and repeated dilemma in the system.

 

Tue, 02/11/2014 - 02:35 | 4422991 caustixoid
caustixoid's picture

How does one get to be head of the World Bank?  by bucking the orthodoxy?  I think not.

Here he is posing with Occupy Wallstreet, feigning ignorance of the Bilderberg group:

http://www.youtube.com/watch?v=yIywCImOqt8

yeah, real radical! /s/

Tue, 02/11/2014 - 02:21 | 4422984 kurt
kurt's picture

Did you take the pill?

Boo hoo everything is bad as we all know and then  GDP will grow more in 2014.

See? 

Tue, 02/11/2014 - 01:19 | 4422892 Soul Glow
Soul Glow's picture

Anyone who still thinks of economics as a sound practice can go suck cock and balls.

Tue, 02/11/2014 - 00:06 | 4422714 gafgroocK
gafgroocK's picture

 

 

The guy is a tenured dope who said Greece would never default.

In 2010 Professor Stiglitz acted as an advisor to the Greek government. He appeared on Bloomberg TV for an interview on the risks of Greece defaulting, in which he stated that he was very confident that Greece would not default. He went on to say that Greece was under "speculative attack" and though it had "short-term liquidity problems... and would benefit from Solidarity Bonds", the country was "on track to meet its obligations".

The next day, during a BBC interview, Stiglitz stated that "there's no problem of Greece or Spain meeting their interest payments". He argued nonetheless, that it would be desirable and needed for all of Europe to make a clear statement of belief in social solidarity and that they 'stand behind Greece'. Confronted with the statement: 'Greece's difficulty is that the magnitude of debt is far greater than the capacity of the economy to service...', Stiglitz replied, "That's rather absurd".

 

Mon, 02/10/2014 - 22:01 | 4422273 Debeachesand Je...
Debeachesand Jerseyshores's picture

Nice little reference to John Steinbeck's " The Winter of our Discontent" by the Author.

Tue, 02/11/2014 - 01:00 | 4422867 Canoe Driver
Canoe Driver's picture

Steinbeck lifted it from Shakespeare. It is Richard III.

Mon, 02/10/2014 - 21:48 | 4422214 Manipuflation
Manipuflation's picture

I need a better lie to believe in.

 

Mon, 02/10/2014 - 21:11 | 4422092 Duc888
Duc888's picture

EarlPearl:"i happen to agree with the old cork sucker...we need about a 5 trillion infrastucture bill to build up everything..roads, airports, job training, JOBS JOBS and more jobs is what we need..that is what we should have done 5 years ago"

 

Same as QE.  who pays for this?  The Taxpayer.  So you want to stack 5T more on top of the 16.4 T we already spent?

 

Gee, we're in the hole 16 T, lets "fix" it with 5T more debt?

 

Nope. 

 

At this point it doesn't matter what it goes in to.....roads, bridges, or Skate Parks in everyones back yard.  That cow left the barn, We can not afford it.  Bond holders need to eat a shit sandwhich and swallow the bad loans / debt.  Sometimes ya win, sometimes ya lose.  It's time fior them to be flushed.

Mon, 02/10/2014 - 21:00 | 4422052 Xandrino
Xandrino's picture

his book Globalization and Its Discontents is still a good read. The man woke up as chief economist of the IMF. Got fired because he became critical of it and the system. Cut him some slack at least.

The system needs insiders to speak up for it to be defeated. It's the only way Joe will stop waiving the American flag and max out his credit cards at Hooters.

 

Edit: He doesn't go down the complete rabbit hole, I agree he should. But it's a start.

Tue, 02/11/2014 - 00:10 | 4422741 gafgroocK
gafgroocK's picture

 

 

The guy digs the rabbit holes, wake up! Stay away from that kool-aide, man!

Mon, 02/10/2014 - 20:57 | 4422042 lasvegaspersona
lasvegaspersona's picture

Why does the currency itself escape analysis. The economy and tinkering with monetary flows do little when the dollar itself needs the work.

Mon, 02/10/2014 - 20:53 | 4422030 williambanzai7
williambanzai7's picture

Can we arrange for him to mudwrestle Krugman?

Tue, 02/11/2014 - 13:54 | 4424299 Clowns on Acid
Clowns on Acid's picture

They are from the same tribe, just espousing slightly different versions of their deceit for supposedly "opposing " viewpoints.

They learned to mudwrestle when they were born.

Mon, 02/10/2014 - 20:41 | 4421947 Radical Marijuana
Radical Marijuana's picture

"We don’t even go to vote these days as much as we used to."

The entire political system has been so screwed up by the feedback in the funding of politics, for so long, that there is no way that voting can actually do anything worthwhile. We are faced with an impossible to resolve double bind Catch 22 paradox. There is no way to fix the system because the funding of politics had rendered it terminally corrupt, but since it has already become terminally corrupt, there is no way to fix the system. It is easy to come up with a theoretical list of things which should be done, but no practical ways to ever implement anything on that list.

"We have given up. Giving up means they have won."

"They" have not truly "won." Rather, their success is headed through the paradox of final failure from too much success. Many people "have given up" because the deeply entrenched systems are too corrupt to be able to influence. Playing the long game of politics against the banksters and their political puppets is a rigged game, where the playing field has been tilted to become almost a vertical cliff. The banksters can make money out of nothing, and have already bought up control over the mass media, as well as influenced the school systems to teach bullshit for generation after generation. Their opposition can not make money out of nothing, and is up against a handful of huge media corporations, from which the majority of people get about 90% of their "news." Furthermore, as the vast majority of people go through the schools, they are brainwashed to believe in bullshit, while their "education" has glaring lies by omission regarding the things that they are not taught about.

Attempting to play the long game of politics against the banksters and their political puppets is like playing a game where one's opponent can cheat, and usually get away with that cheating, since the banksters' political puppets appoint the referees, and furthermore, that is like a game where one's opponent can unilaterally change the rules of that game. In that context where the banksters can cheat and win, and change the rules and win, there is no reasonable hope that anything can be done to change that game through playing within it, despite the fact that one is still forced to participate inside of the society that is dominated by that political process.

However, the "success" of the banksters dominating civilization with their frauds drives that entire society to become more and more psychotically insane! The more successful they become, the less checks and balances actually operate to restrain their criminal insanities from becoming even more successful at controlling civilization with fundamentally fraudulent financial accounting systems, which drive every economic decision to be made in an overall context of evil deliberate ignorance, because the foundations to that system are runaway triumphant force backed frauds, which are still Huge Lies, no matter how much those Lies are backed up by Violence.

The banksters do not truly "win" after they successfully corrupt the political processes to become terminally sick insanities. Rather, by reducing the majority of We the People to become Zombie Sheeple, what the banksters actually do is drive the social situation to become that it is too easy for the banksters to continue to operate their financial frauds. What is happening, therefore, is that the banksters are gradually deteriorating from being the top carnivore predators in the human ecology system, to become more degenerate parasites that are killing their host. Tragically, I can see no reasonable way to believe in enough political miracles to prevent the end game from being the death of the host, with the collapse into chaos being the final outcome of too much successful force backed frauds, driving too much social polarization and destruction of the natural world.

Tue, 02/11/2014 - 14:07 | 4424347 Clowns on Acid
Clowns on Acid's picture

Rad,

Excellent synopsis. Maybe your best in a while IMHO. It was the Fed QE printing that tilted the game to a 90 degree angle between a faux Democracy and the Republic. One  might say "they had no choice" but of course "they" did. Who is "they"? "They" are the TBTF banks and the Fed. They saved themselves first personally, then financially, and now are looking to lay the "blame" on someone.. Obama and his low brow marxist puppets...or?  

It really comes down to where does the tribe of parasites go if the host dies ?   

Tue, 02/11/2014 - 15:54 | 4424823 Radical Marijuana
Radical Marijuana's picture

Yeah, I agree, Clowns on Acid, that when the Big Bank Bail Outs went against the will of the vast majority of Americans, and thereafter the Federal Reserve Board created tens of trillions of dollars, and apparently gave much of that away to foreign banks, the real political situation became OBVIOUS.

"It really comes down to where does the tribe of parasites go if the host dies?"

My opinion is that the tribe of parasites have no coherent plan for the future. They merely have their own array of habitual action patterns, selected through history. They are ONLY who they are because they were the best at being dishonest, and backing that up with violence, within the human world. They did not need any other qualifications. Merely being the best at backing up deceits with destruction in each short-term increment does not lead to any better long-term planning beyond planning to do even more of that.  They have no better ideas about what to do than to do more of the similar things that they have always done. My opinion is that the ruling classes are criminally insane.

Mon, 02/10/2014 - 20:26 | 4421927 Vendetta
Vendetta's picture

Try every economic, trade and monetary decision since about 1965 stiglitz

Mon, 02/10/2014 - 20:19 | 4421903 monad
monad's picture

Stiglitz is an optimist. The economy died. Forward hitech soviet police state. Its got genocide, gerentocide, total information blackout and an education system that will end the nuisance of mass literacy. Dark ages 2.0

Mon, 02/10/2014 - 20:46 | 4422012 RaceToTheBottom
RaceToTheBottom's picture

And that is just the good stuff....

It gets bad from there

Mon, 02/10/2014 - 20:14 | 4421892 W74
W74's picture

Last time I checked Stiglitz was still a Keynesian, and still a jew at that.  His data points might be correct oftentimes, but his interpretation of that data is seen through the lenses of flawed schools of thought.

Mon, 02/10/2014 - 20:07 | 4421860 Unwashed
Unwashed's picture

Jeeesus Friggin Christ

Goddamned economists all get up to the line, then friggin fumble the ball.

Before more stimulus, before more debt, before lower/higher taxes

we need to get the fucking corruption under control.

A corrupt Congress who has abandoned all oversight duties and sold regulatory responsibility to the regulated.

A corrupt Executive Branch that repels any attempt of oversight. Whose favors are doled to patrons.

A corrupt Judicial Branch who owes allegiance to political parties not the law.

 

The Republican and Democratic parties are to blame.

They demand fealty to party above all else.

 

Loyalty is the abdication of personal moral autonomy.

 

Minus me all you want, 

but no fucking policy is going to work in this perfect corrupt state.

The arguments over policy seem to be cover for the expansion of corruption.

Tue, 02/11/2014 - 01:08 | 4422878 Canoe Driver
Canoe Driver's picture

The loyalty is to money. Every government confers largesse on the people only until their own lifestyles are threatened. When faced with declining revenue, government acts to preserve itself, usually decimating the finances, and therefore the lives, of the governed. Government is therefore parasitic in the best of times, and cancerous in the worst.

Mon, 02/10/2014 - 21:01 | 4422061 ThroxxOfVron
ThroxxOfVron's picture

Agreed and seconded.

Mon, 02/10/2014 - 19:28 | 4421731 AdvancingTime
AdvancingTime's picture

What I like about numbers is that when they are not jockeyed, jerked around, and falsified they tend to tell the truth. Looking down the road the numbers do not work. Allen H Meltzer is viewed by many economist as America’s foremost expert in monetary policy, Meltzer is the author of the three-volume “A History of the Federal Reserve.”

For over 25 years he was the chair of the Shadow Open Market Committee, a group that meets regularly to discuss the policy of the Federal Reserve. “We’re in the biggest mess we’ve been in since the 1930s,” he recently stated. “We’ve never had a more problematic future.”More on why he feels this way in the post below.

http://brucewilds.blogspot.com/2013/07/it-will-all-end-badly.html

Mon, 02/10/2014 - 19:25 | 4421706 AdvancingTime
AdvancingTime's picture

We must differentiate the kinds of economic growth and understand that all growth is not created equal. If you spend money but afterwards have little to show for it you have wasted it. Sadly, much of the money America "invests in itself" each year through government spending and programs falls into this category. We need the right kind of economic growth to propel us forward. It must be sustainable, with a purpose, well directed, and have long lasting benefits. More on what constitutes the "right kind of growth" in the post below,

http://brucewilds.blogspot.com/2014/01/false-demand-fuels-wrong-kind-of-...

Mon, 02/10/2014 - 19:31 | 4421742 shovelhead
shovelhead's picture

We need more affirmative action Federal jobs.

A rising tide lifts all boats.

 

(hehehe.)

 

 

Tue, 02/11/2014 - 01:11 | 4422884 Canoe Driver
Canoe Driver's picture

All honest statisitcal evaluations show that "Affirmative Action" is now an official and total failure. The coming dark age will be white dominated, but only about half of whites will be gainfully employed. The greedy have begun to immolate their own, now. As predicted by all of history.

Mon, 02/10/2014 - 18:53 | 4421556 EARLPEARL
EARLPEARL's picture

i happen to agree with the old cork sucker...we need about a 5 trillion infrastucture bill to build up everything..roads, airports, job training, JOBS JOBS and more jobs is what we need..that is what we should have done 5 years ago..we do not have to build ghost cities like china did and still does..we need to create jobs for everyone instead of giving everyone food stamps and disability and unemployment checks.

Tue, 02/11/2014 - 14:18 | 4424383 Clowns on Acid
Clowns on Acid's picture

Earl - you do know that Obama spent $1 Truillionmon said infrastructure bill 5 years ago ...right? It was a gift to his cronies ... black and white. Not many jobs produced and hose that were, were temporary jobs.

So my feedback to you is.... Smarten the fuck up..!

Mon, 02/10/2014 - 20:05 | 4421861 Colonel Walter ...
Colonel Walter E Kurtz's picture

Earl, just make sure it is productive. Do not just pave a runway to pave a runway if nothing is done faster. If the runway needs paved because planes are using it less in its current state, then by all means pave it. But to often we get government building projects that are counterproductive and are a complete waste of money. 

Mon, 02/10/2014 - 18:46 | 4421512 WaltzTangoFoxtrot
WaltzTangoFoxtrot's picture

It would be nice if the article, or Stiglitz, described what policies should have been eneacted.  Economists are all alike.....

Mon, 02/10/2014 - 19:39 | 4421768 AdvancingTime
AdvancingTime's picture

Joseph Stiglitz sounds good unless you listen closely. When he starts going into detail he wants spending and bigger government. The old call for massive spending to put people back to work rather than calls for reform and a sustainable economic future. The more stiglitz talks the more you may find you wany to run away.

To the many who see government spending on infrastructure as a silver bullet for the economy and as a job creator I would like to raise a word of caution, It may be time for a "truth off'. More "bridges to nowhere" and wasted spending exist then the taxpayer could ever imagine, this does not create real wealth for our country. More about all the misleading claims about how this will be our salvation below,

http://brucewilds.blogspot.com/2012/07/infrastructure-spending-no-silver...

Mon, 02/10/2014 - 21:57 | 4422257 Accounting101
Accounting101's picture

Right. Runaway right into the arms of the Oligarchs. All because your radio told you that Stiglitz might be a , gasp, a Keynesian.

How does $23 trillion in wasted spending sound to you? Just since 2008. Your radio didn't tell you about that wasted money, did it?

Do NOT follow this link or you will be banned from the site!