In the midst of the East Asian crisis, there were choices. One choice would have been to encourage countries to implement a bankruptcy law that could have threatened the interests of the lenders. Workers' rights should be a central focus of development. But nowhere did issues of workers' rights, including the right to participate in the decisions which would affect their lives in so many ways, get raised.
Joseph StiglitzWe are helping the people that [George W.]Bush says are evil. Teheran couldn't be happier about the high oil prices resulting from the Iraq war.
Joseph StiglitzWe could, of course, always make the payments, simply by printing more money - we simply promise to pay people by giving them dollar bills - but that could set off inflation.
Joseph StiglitzThe median family income in the U.S. is lower than it was a quarter-century ago, and if people don't have income, they can't consume, and you can't have a strong economy. There's significant risk - actually it's no longer a risk - a significant likelihood of a marked slowdown not only in China, but also in a lot of other countries like Brazil, which is in recession. All of the other countries that depend on commodities, including Canada, are facing difficulties. So it's hard to see a story of a strong U.S. economy.
Joseph StiglitzI don't think anybody really thinks that one should get rid of the World Bank. Reform is one thing, but getting rid of it I think would be wrong.
Joseph StiglitzEven if Bush could be forgiven for taking America, and much of the rest of the world, to war on false pretenses, and for misrepresenting the cost of the venture, there is no excuse for how he chose to finance it. His was the first war in history paid for entirely on credit. As America went into battle, with deficits already soaring from his 2001 tax cut, Bush decided to plunge ahead with yet another round of tax "relief" for the wealthy.
Joseph Stiglitz