Word: stiglitz
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...take the 5 percentage points out this year, it will be the mother of all U.S. recessions," Roach says. But putting the adjustment off indefinitely isn't a great idea either. "It's just pushing the fundamental problem down the road," says Columbia University economist and Nobel laureate Joseph Stiglitz. "The problem with the U.S. is excessive consumption...
...consumer binge has been fueled not by rising incomes but by rising debt, especially mortgage debt. "People can't spend 200% of their income on mortgages," says Stiglitz. The only way for this to continue was for house prices to keep rising. Then, shock of shocks, they stopped going up, and mortgages started going bad by the millions...
...Committee, designed to bring fresh ideas and test old ones, is part of Zapatero's bid to sustain the momentum of his government's efforts at reform. Made up of 14 world-renowned experts - including Nobel Prize-winning American economist Joseph Stiglitz; Australian anti-nuclear expert and Nobel Laureate Helen Caldicott; ex-Senior Vice-President of the World Bank, Nicolas Stern; and Maria Joao Rodrigues, an architect of the E.U.'s Lisbon Agenda - the council offered a slate of ideas that, if put into action, would position Spain on the cutting edge of international, environmental, economic and social justice policy...
...appears that the Socialists were paying attention. Environment Minister Cristina Narbona, seated in the audience Saturday, was impressed with Stiglitz's discussion of education as a key stimulus for economic growth. "To hear him say that gives us incentive to improve our proposals even more." And in a speech closing Saturday's meeting, Labor Minister Jesús Caldera responded to Caldicott's impassioned critique of nuclear energy by promising to take Spain's remaining eight reactors out of service "when they reach the end of their useful lives...
...Middle East? Economists often talk of the "curse of oil," pointing out that countries with resources such as oil often grow more slowly, more corruptly, less equitably, more violently and with more authoritarian governments than others do. The authors of Escaping the Resource Curse - Jeffrey Sachs, Joseph Stiglitz and Macartan Humphreys - assert that there is "a strong association between resource wealth and the likelihood of weak democratic development, corruption and civil war." Western oil workers in the Middle East lived in secure compounds with armed guards long before hijackers hit the Twin Towers. Is that same pattern developing...