The Reasoned Review

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Stiglitz calls Federal Reserve “Fundamentally Corrupt”

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Joseph Stiglitz is an economist’s economist. Over the past decade he has emerged as the strongest and most consistent critic of securitization, globalization, and corporate fraud. His seminal 2003 Globalization and Its Discontents is a must-read if you want to get a handle on what’s going on now, and I have the feeling if more people in the White House had read it, we wouldn’t be in the embarrassing position with relation to the banks that we now find ourselves (that is, of peasants to their liege.)

So when this guy talks about the Federal Reserve, I think one should probably listen:

“If we 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 said during a conference on financial reform in New York.

Oh, and,

“So, these are the guys who appointed the guy who bailed them out,” Stiglitz said. “Is that a conflict of interest?” he asked rhetorically.

“They would say, ‘no conflict of interest, we were just doing our job,'” he answered. “But you have to look at the conflicts of interest.”

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Written by pavanvan

March 6, 2010 at 10:19 am

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