Quantitative easing will do little to boost the U.S. economy, says economist Joseph Stiglitz....

Quantitative easing will do little to boost the U.S. economy, says economist Joseph Stiglitz. Instead, it risks triggering currency and trade wars that will leave the world worse off. Rather than unilateral action, the world needs a “growth compact” aimed at spurring economic expansion around the world. He had hoped that G20 leaders would have started addressing the topic at the summit in Seoul, but now he feels the meeting will be spent dealing with the unintended consequences of the Fed’s action.
Comments (28)
  • headrock
    , contributor
    Comments (13) | Send Message
    of course it won't. but why does he accept the premise that the Fed acts to help the economy? it acts to help its member banks. if the economy happens to benefit at the same time, then great. do you think for a second Ben would ever support a course of action that happened to be good for the economy but bad for the top 5 banks?
    21 Sep 2012, 08:01 PM Reply Like
  • lostalloncoal
    , contributor
    Comments (373) | Send Message
    It was done to get NoObama re-elected.
    22 Sep 2012, 02:01 AM Reply Like
  • petten
    , contributor
    Comments (121) | Send Message
    So Joseph Stiglitz disagrees with Paul Krugman, who has wanted more money-printing so badly?
    21 Sep 2012, 08:14 PM Reply Like
  • Metals are Precious
    , contributor
    Comments (707) | Send Message
    BEEN SAYING THIS FOR A LONG TIME. Just kicking the can until the Election is over. Don't be a deer in headlights. Buy your Physical metals NOW before it's too late.


    Fiat money is dying !!!
    21 Sep 2012, 08:59 PM Reply Like
  • danyvero
    , contributor
    Comments (27) | Send Message
    Metals and Precious , you are 10000 % right , but seeing the close at the bell today , I think monday a great correction of the market will start .. It´s not coincidence that all facts arrives at the same time : Q3 , the talks of Draghi , the bank of Japan policies , it´ s all a political move very well instrumentated before the election of october . Take care all , cause the fall of the market will be great ,....
    22 Sep 2012, 05:07 AM Reply Like
  • SoldHigh
    , contributor
    Comments (991) | Send Message
    If the US wants growth, it need only vote Barry and his anti-business policies out of office.


    Regretfully, the populace doesn't understand this.
    21 Sep 2012, 09:05 PM Reply Like
  • lostalloncoal
    , contributor
    Comments (373) | Send Message
    Imported populate will vote for Osama Bin Laden (sorry for harsh wording) if they were given more and more stuff.
    22 Sep 2012, 03:43 PM Reply Like
  • mike8599
    , contributor
    Comments (589) | Send Message
    Environmentalists policies, financial regulations and fiscal policy have tilted to far to the left - the people who want to make money don't see payout in this environment and the Fed is trying to compensate with monetary policy. Pretty simple macro economics, for anyone who studied it in college.... seriously did Ben not see this ? QE1 & 2 didn't do squat but screw up oil prices permanently, and probably most commodities.


    The economy is kept alive by low interest rates and free money from the government. When sane fiscal policy starts to kick in when Obama is out I'm wondering how ugly it will get.... the gap between rich and poor will be huge.
    21 Sep 2012, 11:25 PM Reply Like
    , contributor
    Comments (10809) | Send Message
    Once again.....not every economy in the world can be an export driven economy. A currency war is simply a rece to the bottom.
    21 Sep 2012, 11:37 PM Reply Like
  • 867046
    , contributor
    Comments (380) | Send Message
    A key observation which illustrates something that others have incompletely threshed out. Some fraction of the stock price story of sizable businesses depend on an export sales story line. Well to be a successful exporter means to some degree having a friendly government making helpful currency adjustments. Of course some members of the same political grouping who are fiscally conservative are against any currency manipulation for any reason because they have adopted some form of mattress banking.


    The problem with fiscal conservatives is that they forget that no one country makes everything, so you have to buy stuff from the outside. This means you have to sell stuff to the outside to at least have neutral currency flows. The stuff that is sold outside unfortunately has to be competitively priced.
    22 Sep 2012, 09:40 AM Reply Like
  • mike8599
    , contributor
    Comments (589) | Send Message
    The fact that no one country makes everything is the challenge but really doesn't have anything to do with the mess that a lack of fiscal policy has brought us to.


    Taxes, entitlements, regulations, spending, etc are part of fiscal policy and are out of control.....
    22 Sep 2012, 09:56 AM Reply Like
  • Richard93
    , contributor
    Comments (812) | Send Message
    Greece here we come.
    22 Sep 2012, 01:19 AM Reply Like
  • berbno1
    , contributor
    Comments (1622) | Send Message
    lots of arm chair quarterbacks...BB was Ws guy kept for continuity in a scary situation. He has no incentive other than "fix" the economy for his own legecy.
    22 Sep 2012, 06:32 AM Reply Like
  • winningtrader
    , contributor
    Comments (2459) | Send Message
    Great idea by the clueless political muppet Stiglitz. The world should give a phone call to Mars and ask for a $72 trillion loan. Then use the cash to grow the economy. In a true Keynesian fashion, we should spend most of the money on weapons. Once we are armed so well, we can tell the stupid Martians to get lost, default on the loan, threaten them with an invasion if they talk too much. Problem solved!
    22 Sep 2012, 07:12 AM Reply Like
  • Ben Bernankes friend
    , contributor
    Comments (475) | Send Message
    3rd time is the charm right?


    I can't think of a logical reason as to why we embarked on such foolish policies.


    At least now we realize that it will not have any real effects.....like we said on the last one.....and the one before that.......
    22 Sep 2012, 08:20 AM Reply Like
  • Metals are Precious
    , contributor
    Comments (707) | Send Message
    a few of these postings sound like 3rd graders are writing them. Some of you better open your eyes, because keeping them closed and wishing away our HUGE problem just won't work.


    22 Sep 2012, 10:17 AM Reply Like
  • Mad_Max_A_Million
    , contributor
    Comments (1175) | Send Message
    I see two scenarios. If Obama wins at the hands of the 47 percent on the dole, I would assume that B.O. walks off the campaign trail and onto the golf course and refuses to sign any tax abatement bills that the conservatives are fighting for. Thus you get a big negative jolt in the market as everyone rushes for their 2012 tax rates.
    Black December!
    If Mitt wins, there is enough breathing room to get us quietly into 2013.
    22 Sep 2012, 11:59 AM Reply Like
  • 1980XLS-2.0
    , contributor
    Comments (528) | Send Message
    Don't tell Charles Schumer's constituents it only benefits the 1%.


    "Get to work, Mr. Senator"
    22 Sep 2012, 03:24 PM Reply Like
  • Metals are Precious
    , contributor
    Comments (707) | Send Message


    I just was sent this by a good friend. Figure i pass it on since manipulation wasn't even discussed yet !!


    Silver Scandal Fueled With Your Money."


    Below article nails "bid-rigging JPM," explains how gold has just done a golden cross, why miners havbe lagged, and that gold and silver are set to explode upward:




    22 Sep 2012, 03:48 PM Reply Like
  • Richard93
    , contributor
    Comments (812) | Send Message
    Thanks M are P I just did not expect the gold market was that rigged. I thought Italy and others were selling gold to pay down debt to keep a lid on there bond expenses. Best Wishes
    22 Sep 2012, 04:20 PM Reply Like
  • Metals are Precious
    , contributor
    Comments (707) | Send Message


    AND THIS !!!


    This morning, the NY Post reports that at least ten more fake 10 ounce "gold bars" filled with Tungsten have been discovered.


    Wait until they start checking the "repositories" behind the precious metal ETFs and various other storage areas
    23 Sep 2012, 05:30 PM Reply Like
  • Richard93
    , contributor
    Comments (812) | Send Message
    Hi M&P its like cockroaches you find 1 there's 200 around you can't see. Thanks for the info, they can make money off the Tungsten down the road for the victims. Best Wishes
    23 Sep 2012, 06:52 PM Reply Like
  • Metals are Precious
    , contributor
    Comments (707) | Send Message


    I undertand the ten bars were in NY only !!!


    23 Sep 2012, 08:59 PM Reply Like
  • Richard93
    , contributor
    Comments (812) | Send Message
    Map that may mean all should be checked I am not willing to believe it was just so few. Russian mob might try something like this stunt. Best Wishes
    23 Sep 2012, 09:15 PM Reply Like
  • Metals are Precious
    , contributor
    Comments (707) | Send Message
    Maybe the Chinese and/ or Russians figured out a way to bail themselves out !!!
    23 Sep 2012, 09:54 PM Reply Like
  • Richard93
    , contributor
    Comments (812) | Send Message
    Map hope you are kidding, but it is a possibility either way. They are saying Iran is trying to hack the big banks to make $ and be trouble some. Russian mob ripped off At&t I understand by ordering a large shipment of phone card then not paying after delivery 200-300 million. If true that kind of gutsy scam will continue till they are rounded up and put to work Southern Chain Gang style. Best Wishes
    24 Sep 2012, 02:09 AM Reply Like
  • youngman442002
    , contributor
    Comments (5123) | Send Message
    There is more to the gold market than just New York or London....other countries are BUYING....and its not an ETF....its the real stuff....and in time...London or the COMEX will fail to deliver....as the paper has no metal....and that is when you will know if you have a good investment or not...and yes the power in the world will change to whoever has the medal....and not the paper....the paper pushers will look like fools...
    22 Sep 2012, 05:24 PM Reply Like
  • Metals are Precious
    , contributor
    Comments (707) | Send Message
    I wish we used another method to elect a President. Like who gets the most votes!!! The hell with this Electorial method. Just a few swing states will nominate the next President. IMHO i think this is absurd!! It should be simple, majority of total votes wins!!!


    Thats the major problem i have with our system. READ BELOW!


    In 1887 Alexander Tyler, a Scottish history professor at the
    University of Edinburgh, had this to say about the fall of the
    Athenian Republic some 2,000 years prior: "A democracy is always
    temporary in nature; it simply cannot exist as a permanent
    form of government. A democracy will continue to exist up until
    the time that voters discover that they can vote themselves generous
    gifts from the public treasury. From that moment on, the majority
    always votes for the candidates who promise the most benefits from
    the public treasury, with the result that every democracy will finally
    collapse over loose fiscal policy, (which is) always followed by a


    "The average age of the world's greatest civilizations from the
    beginning of history, has been about 200 years. During those 200
    years, these nations always progressed through the following sequence:


    From bondage to spiritual faith;
    From spiritual faith to great courage;
    From courage to liberty;
    From liberty to abundance;
    From abundance to complacency;
    From complacency to apathy;
    From apathy to dependence;
    From dependence back into bondage."
    The Obituary follows:


    Born 1776, Died 2012
    It doesn't hurt to read this several times.
    Professor Joseph Olson of Hamline University School of Law in
    St. Paul, Minnesota, points out some interesting facts concerning
    the last Presidential election:


    Number of States won by: Obama: 19 McCain: 29
    Square miles of land won by: Obama: 580,000 McCain: 2,427,000
    Population of counties won by: Obama: 127 million McCain: 143 million
    Murder rate per 100,000 residents in counties won by: Obama: 13.2 McCain: 2.1


    Professor Olson adds: "In aggregate, the map of the territory
    McCain won was mostly the land owned by the taxpaying citizens
    of the country.


    Obama territory mostly encompassed those citizens living in low
    income tenements and living off various forms of government


    Olson believes the United States is now somewhere between the
    "complacency and apathy" phase of Professor Tyler's definition of
    democracy, with some forty percent of the nation's population
    already having reached the "governmental dependency" phase.


    If Congress grants amnesty and citizenship to twenty million
    criminal invaders called illegal's - and they vote - then we can say
    goodbye to the USA in fewer than five years
    23 Sep 2012, 09:58 PM Reply Like
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