The fact that the government had to put up hundreds of billions of dollars to Citibank in guarantees was a public declaration that Citibank was a mess. Making Citibank go through financial restructuring would not have conveyed any more different information. So it's very hard to see why it would have had that kind of a panic if it were done well.
Joseph StiglitzThe momentum today behind the idea of a new global reserve currency reflects, in effect, the rise of the rest in world politics and economics, led by China.
Joseph StiglitzAnybody who has watched government from the inside recognizes that governments need institutions, need ways to respond to crises.
Joseph Stiglitz