Joseph Stiglitz: Nationalized Banks Are "Only Answer"

[Adele Edisen]

Joseph Stiglitz: Nationalized Banks Are "Only Answer"

http://www.truthout.org/020609R

Deutsche Welle: "Nationalized banks are the 'only answer,' economist Stiglitz says. In an interview with Deutsche Welle, Nobel-winning economist Joseph Stiglitz talks about nationalizing banks, the outlook for developing countries, and the need for an international financial regulator."

Adele

[Peter Lemkin]

...and a 'Nationalized' Federal Reserve Bank, back on a gold - or other similar standard. Don't hold your breath for either.

[David Guyatt]

There is a lot to be said for either nationalizing banks or otherwise having (and using) extremely tough regulatory measures to make them honest and prudent. But to achieve either there has to be political will and that is in short supply.

In London, the City accounts for such a large percentage (relatively speaking) of national income that the authorities quite openly decline to use their existing regulatory powers because of the fear instilled in them over the last few decades that the banking community will up sticks and move to another centre, thereby making that location the new global banking centre.

Governments and regulators tremble at this blackmail.

Hence the recent events of Obama and Brown "advising" that they want to see bankers cap their salaries. One might as well ask an alcoholic who has a key to the local supermarket drinks cabinet not to use it.

Of course Obama and Brown are smart enough to know their advice will be ignored, but it makes them look "fair" and forceful in the public mind, which is all they are interested in.

What I would argue is that rather than nationalizing banks, we must first of all nationalize the political class, making them entirely subservient to the public will -- rather than corporate largesse and one world dogma -- and to
entirely adhere to public will, rather than ignore or spin it.

[Peter Lemkin]

.....

What I would argue is that rather than nationalizing banks, we must first of all nationalize the political class, making them entirely subservient to the public will -- rather than corporate largesse and one world dogma -- and to
entirely adhere to public will, rather than ignore or spin it.

Well, I'd agree one trillion%, but you do have your rose-colored glasses on today!....nationalize the uberklas! - now there is a revolutionary thought for the day!:bike:

[Myra Bronstein]

Well, I'd agree one trillion%, but you do have your rose-colored glasses on today!....nationalize the uberklas! - now there is a revolutionary thought for the day!:bike:

And make it illegal to profit from war. That's General Smedley Butler's revolutionary idea... from decades ago.

[David Guyatt]

.....

What I would argue is that rather than nationalizing banks, we must first of all nationalize the political class, making them entirely subservient to the public will -- rather than corporate largesse and one world dogma -- and to
entirely adhere to public will, rather than ignore or spin it.

Well, I'd agree one trillion%, but you do have your rose-colored glasses on today!....nationalize the uberklas! - now there is a revolutionary thought for the day!:bike:

:beer: Got to wear them sometimes Pete, otherwise it's too depressing. But yes you're right, what an outrageous long shot of an idea, eh.