You can't overestimate what happens when you encourage regulators to believe that the goal of regulation is not to regulate.
Joseph StiglitzPut yourself in the shoes of one of these oligarchs who has been given a gift of $10 billion. Russia is in a deep depression. Nobody's investing. There is a widespread political consensus that the way you got your wealth is illegitimate.
Joseph StiglitzIn fact, for just about 1/6 of the cost of an Iraq War, we could have put the social security system on sound financial footings for the next 50 to 75 years. The problems can be managed - but not if we continue to fight this war for another 80 years.
Joseph StiglitzI'm writing from New Zealand - a country that decided from the beginning that the War was wrong, and chose not to participate in Iraq War.
Joseph Stiglitz