It is unlikely that others would even demand their money back overnight, for doing so would lead to the value of the dollar plummeting; what they would get back with be worth little. But what we are already seeing is an erosion of confidence of the dollar, which is seeing the dollar fall in value.
Joseph StiglitzTemporary nationalization of the banks that are in very bad shape would mean basically that the government is the temporary owner. I always believe that the government should focus on its comparative advantages, and banking is not one of them. It should, therefore, if it nationalizes banks, sell them back to the private sector.
Joseph StiglitzCertainly, the poverty, the discrimination, the episodic unemployment could not but strike an inquiring youngster: why did these exist, and what could we do about them.
Joseph StiglitzAmerica has had to turn to foreigners to finance its debt - not surprising since household saving in the last years has plummeted to zero. China is one of the largest holders of American debt.
Joseph StiglitzActive learning is always involved with interaction between teachers and students and Socratic methods and that's gonna continue.
Joseph StiglitzEconomically, we are gain weaker. Millions of Americans have no health insurance - including many poor children. if they do not get the care they need, they may become scarred for life; but the President George W. Bush vetoed the children's health insurance bill - evidently we couldn't afford it. But we were talking about just a few days fighting in Iraq.
Joseph Stiglitz