Thank you for your interest in this video. We understand the importance of the debate. Please be respectful, constructive and modest in your choice of words.
superficial analisis. " socialism did not work: what about the Chinese work. they did a good job fighting abyect poverty in short time. what about Cuba ? so limited resources. this is a conference that said very litle mr Stiglitz did not include experiences while he was in the world bank. so was he afraid to say the truth?
I'm from Europe (Ireland). There are approx 500 million people living in Europe, with approx 300 million of those living in the Euro Zone. Can you imagine how many of those people would make a sustained effort to understand why what happens happens (without just projecting their own personal prejudices and ideologies onto the basic information). It's no good just lumping the blame solely onto politicians, bankers, businesses, economists, etc. because there were also voices clearly explaining that what was happening was a bubble and that the consequences would be disasterous and that we are still not getting to grips with the situation.. Someone should do a study on the EU population during this period to research how people behave in the years while a crisis is developing and in the years after the crisis has hit. I guarantee you that it would be very important research.
Numinous20111 Europe has a grim future if it doesnt realize about power shift happening to the East. The population in Europe is also declining. BRICS having their own development bank is an example that they refused the western dominated financial institutions like IMF and World Bank. Europe can survive if its willing to accomodate the new global players like China, India and work together
Numinous20111 It wasn't the general public who deliberately mixed good and bad mortgage portfolios in order to sell them on and bet against them and then attack sovereign wealth funds through targeted derivative trading after selling them the same "Bogus" portfolios . . . Or maybe it was you - are you responsible for the crash of 2008 - was that you ?
scandalasdog It was anyone who didn't want to know (either before or after the crisis hit) and who still don't either realise they have a measure of responsibility to recognise what went wrong to to put into effect something better. Many people didn't want to know because their lives were comfortable, etc.
Numinous20111 You realize there is only a crisis because vast amounts of private gambling debts were transferred onto taxpayers of the vulnerable countries. Nothing to do with people - if ordinary people didn't pay the mortgage their house was repossessed and any money already paid was lost (and some even worse situations) so how do you think ordinary people were at fault ???? not only that, but should take their fair share of blame too ????
scandalasdog I'm left-wing and I have a social conscience. I know what happened leading up to the crisis, who warned about it, who didn't and largely who benefited before and after. I didn't sit around before the crisis or after it. What I'm tired of is people talking, but not working with the opportunities they have to try to create something better. I'm talking about objective personal and collective responsibility. My governments actively penalise the poorest and most vulnerable: that is my responsibility to whatever I can do to either protest it, raise awareness of it, peacefully oppose it and personally sacrifice to not let it happen without doing what I can about it. And the fact that that is going to be resisted by the powerful and wealthy isn't a reason not to do it. We got where we were / are because we didn't do enough then and we're still not doing enough now. The buck stops with us.
Read his superb book "The Price of Inequality". I read it twice and then loaned it out to friends. An articulate view of the economic problems in the USA. I'm very glad I'm Canadian.
a question..do you think that ,for having a political union of a region like western europe requires a monetary union, or can it be done without a single currency?
there are imbalances of the sort in other regions.... no political union or common currency área has the same level of richness in all regions. there are always poorer and richer áreas..
If you have a political union a currency union is not difficult to have. The problem with the euro area is that it is clearly not a Mundell optimum currency area, mainly because it is politically not unified enough.
Dinamic Dinamism apparently they are working on fiscal harmonisation: www.irishtimes.com/business/economy/fighting-for-fair-taxation-a-political-pledge-1.2069051
the euro exists since the beginning of the century., the european project since several decades now, and.the crysis began 7 years ago already..if they wanted the project to suceed wouldn't they have done something already? and in the open,for all to sse, instead of being 'working' without anyone knowing? while europeans are suffering and as a result,starting going back to mentalities like the ones existing in the 1930s?
The "Goal-Scorer" mentality - In our assessment of different civilizations of the world in human history, revolutionary achievements such as the Enlightenment and Industrial Revolution since human History began and the birth of the first Civilization, are most celebrated in modern times. In soccer or 'English football', our adulation is mainly reserved for the goal scorers and the star strikers have always received the most accolades. Please do not forget that in a complete team, there are different roles like the Midfielders, Defenders and last but not least, a Goalkeeper. On the football field, with 1, 2 or 3 men down, could the Argentine team have won the World Cup, even with Maradona as their star striker? Or, imagine a tree representing our common human Community, and we have the gardeners, representing different Civilizations, on shifts that represent the different periods throughout History, to look after it. It may so happen that this tree bears fruits under the watch of a particular gardener, but does it mean he should lay claim to all the credit and own all the fruits?
I was surprised to find that the "facts" he quoted are incorrect. US individual median has not decreased, in fact, it increased by over 120% since 1987. I checked several other stats he quoted about the US and they were all wrong. I think he wants to portray the US in a negative light. Interesting.
It is not a question of right or left as much as it is right and wrong. Right and left were invented to make things look simple yet things in real are not that simple. We were not born with right or left tendencies, nor does there exist anyone who is completely right or left. The fact remains that certain elite class in our societies took advantage of their power, wealth, and wielded it to gain more power over the national resources and legislatures. They twisted the game in such a manner that we ended up with few controlling the rest of the people , wealth and power in our society. Thus the present economic malaise. Look at the society where one who works for 8 to 10 hours and barely gets only to feed his family; and on the contrary look at the sportsmen, singers, actors, lawyers, advertisers, doctors, and do nothing politicians get many times more.
This speech is a typical example of the fact that economists are usually reasonably good at analyzing the past, but not the future. Let alone that Stiglitz has solid solutions. Look at what is happening in Europe in 2015. This speech was for me a waste of time.
You can't analyze the future. Economic analysis is based on data and you can't get data from the future. He doesn't make many predictions because he really can't given the heavy influence of politics in economics as he said. He does offer the Eurozone some solid advice free of charge and sadly they have not yet decided to listen.
Correct, but you can make predictions based on past data i.e. correlations between data. As Stiglitz speech is about the Future of Europe, is should rather be about the Hope of Mr. Stiglitz. Besides, in my memory Stiglitz has always been negative about Europe and suddenly he has gone "soft"? I think he has no clue what he is talking about, regarding the European economic model or it his speech is so called politically correct blabla (because he got paid to talk).
Economics is not even a real science. No mainstream Nobel cocksuckers econmics con men, not one of them predicted the crisis of 2007-2008. Nobel prize for economics is not given by the Alfred Nobel Committee, but by the Central Bank of Sweden. They just use the name Nobel to rub some respectability on their prize. Why? Because they are in the business of peddling bullshit to the masses.
Actually Paul Krugman and Joseph Stiglitz predicted the crisis as well as some other well accomplished economists such as Thomas Picketty. They underestimated the scale of the crisis, but they saw it coming. And it is definitely a science, its just a social science.
KeillaSellay "not one of them predicted the crisis of 2007-2008." Well, as far as I know, there is some evidence that some people (like bankers) knew about the crisis about to happen but told no one for various reasons.
what europe is this when most of the videos are closed to europe people comments?!? Should na forbiden vídeos where u can forbid comments and being youtube or the channel administrador dating who or what or what line of thought can be in the comments, exatly what us Europeans thought just happen in dictators countries.shame on you!!
To listen to an american giving europe advice how to do with its economy is just crazy. Fx who created the problem in Greece? Was it europeans or was it creative americans from goldman sachs - you guess. The euro is still young, and learn all the time. Status, the euro is still here. The USA has since 2014 increased its debt by trillions of dollars. So american, follow your own advice, and if it actually works, lets talk.
Why do you assume he represents all of America? do you represent all of Europe? He's an economist, one of the best on our planet. His nationality is irrelevant. He has a lot of ideas on how the American economy should be improved, but he's not the one who gets to decide. The European response to the crash was not economically sound. Instead of helping EU countries that were harmed the most to recover, they forced them into depression. Especially Greece who are still forcefully kept in a permanent depression because of politics, not economics. Can you imagine getting a 40% cut to your wages? or people that were paying into a social program for their whole lives such as pensions, to be reduced to inhumane levels. To the point where people could not afford food and electricity. This is what our leaders think is a good response. They are completely detached from humanity, this is what pieces of crap do to others. All of this is again, due to politics, not economics. All the EU is about is dominating each other. And this is not a fair comparison. The US have been in war after war, while many countries in NATO even refuse to pay the 2% GDP that is required. It is not an issue to increase debt, as long as that debt is invested into long term investments with returns that pay it off over time. This is a lot more preferable to debt avoidance. There are so many social programs for example that have been proven to provide massive returns, such as providing education to underprivileged kids, and much more.
Thank you for your interest in this video. We understand the importance of the debate. Please be respectful, constructive and modest in your choice of words.
superficial analisis. " socialism did not work: what about the Chinese work. they did a good job fighting abyect poverty in short time. what about Cuba ? so limited resources. this is a conference that said very litle mr Stiglitz did not include experiences while he was in the world bank. so was he afraid to say the truth?
lovely man - its ages since i heard such an understanding and realistic review of the problems in the EU - straight common sense
What a good lecture!
stig, humour does not seem to change enough this MAD neo reality
united stakes
creative
I'm from Europe (Ireland). There are approx 500 million people living in Europe, with approx 300 million of those living in the Euro Zone. Can you imagine how many of those people would make a sustained effort to understand why what happens happens (without just projecting their own personal prejudices and ideologies onto the basic information). It's no good just lumping the blame solely onto politicians, bankers, businesses, economists, etc. because there were also voices clearly explaining that what was happening was a bubble and that the consequences would be disasterous and that we are still not getting to grips with the situation.. Someone should do a study on the EU population during this period to research how people behave in the years while a crisis is developing and in the years after the crisis has hit. I guarantee you that it would be very important research.
Numinous20111 Europe has a grim future if it doesnt realize about power shift happening to the East. The population in Europe is also declining. BRICS having their own development bank is an example that they refused the western dominated financial institutions like IMF and World Bank. Europe can survive if its willing to accomodate the new global players like China, India and work together
Numinous20111 It wasn't the general public who deliberately mixed good and bad mortgage portfolios in order to sell them on and bet against them and then attack sovereign wealth funds through targeted derivative trading after selling them the same "Bogus" portfolios . . . Or maybe it was you - are you responsible for the crash of 2008 - was that you ?
scandalasdog
It was anyone who didn't want to know (either before or after the crisis hit) and who still don't either realise they have a measure of responsibility to recognise what went wrong to to put into effect something better. Many people didn't want to know because their lives were comfortable, etc.
Numinous20111 You realize there is only a crisis because vast amounts of private gambling debts were transferred onto taxpayers of the vulnerable countries. Nothing to do with people - if ordinary people didn't pay the mortgage their house was repossessed and any money already paid was lost (and some even worse situations) so how do you think ordinary people were at fault ???? not only that, but should take their fair share of blame too ????
scandalasdog
I'm left-wing and I have a social conscience. I know what happened leading up to the crisis, who warned about it, who didn't and largely who benefited before and after. I didn't sit around before the crisis or after it. What I'm tired of is people talking, but not working with the opportunities they have to try to create something better. I'm talking about objective personal and collective responsibility. My governments actively penalise the poorest and most vulnerable: that is my responsibility to whatever I can do to either protest it, raise awareness of it, peacefully oppose it and personally sacrifice to not let it happen without doing what I can about it. And the fact that that is going to be resisted by the powerful and wealthy isn't a reason not to do it. We got where we were / are because we didn't do enough then and we're still not doing enough now. The buck stops with us.
Read his superb book "The Price of Inequality". I read it twice and then loaned it out to friends. An articulate view of the economic problems in the USA. I'm very glad I'm Canadian.
Austerity now, is like applying leeches, to a patient suffering Anemia..!
So this is where "Western Values will have reached their breaking point" comes from. Very interesting. May The Algorithm bless this video.
Stiglitz, wish you were prime minister here in Italy ;)
Italy is a basket case - doesn't matter who is PM - no work/ no pay.
excellent !
All will be rise, in Peace!
a question..do you think that ,for having a political union of a region like western europe requires a monetary union, or can it be done without a single currency?
there are imbalances of the sort in other regions.... no political union or common currency área has the same level of richness in all regions. there are always poorer and richer áreas..
there is one thing that makes a dangerous imbalance. the lack of fiscal union in eurozone
If you have a political union a currency union is not difficult to have. The problem with the euro area is that it is clearly not a Mundell optimum currency area, mainly because it is politically not unified enough.
Dinamic Dinamism apparently they are working on fiscal harmonisation: www.irishtimes.com/business/economy/fighting-for-fair-taxation-a-political-pledge-1.2069051
the euro exists since the beginning of the century., the european project since several decades now, and.the crysis began 7 years ago already..if they wanted the project to suceed wouldn't they have done something already? and in the open,for all to sse, instead of being 'working' without anyone knowing? while europeans are suffering and as a result,starting going back to mentalities like the ones existing in the 1930s?
Is he saying "United Stakes"?
+iulianpericol indeed. this is what i heard
Yes, Prof. Stiglitz. We're fucked. Absolutely right.
why does he stay united stakes
The "Goal-Scorer" mentality -
In our assessment of different civilizations of the world in human history, revolutionary achievements such as the Enlightenment and Industrial Revolution since human History began and the birth of the first Civilization, are most celebrated in modern times. In soccer or 'English football', our adulation is mainly reserved for the goal scorers and the star strikers have always received the most accolades. Please do not forget that in a complete team, there are different roles like the Midfielders, Defenders and last but not least, a Goalkeeper. On the football field, with 1, 2 or 3 men down, could the Argentine team have won the World Cup, even with Maradona as their star striker?
Or, imagine a tree representing our common human Community, and we have the gardeners, representing different Civilizations, on shifts that represent the different periods throughout History, to look after it. It may so happen that this tree bears fruits under the watch of a particular gardener, but does it mean he should lay claim to all the credit and own all the fruits?
Capital Habitat - Empowering Nations Worldwide
stig is right we need to focus on the mass, people of europe and not the corp buisness of few
What is his lecture fee for spouting such banalities!
I was surprised to find that the "facts" he quoted are incorrect. US individual median has not decreased, in fact, it increased by over 120% since 1987. I checked several other stats he quoted about the US and they were all wrong. I think he wants to portray the US in a negative light. Interesting.
Which source(s) did you use?
He’s adjusting for inflation.
yeah where Wisemuse goes wrong is that his stats doesnt control for purchasing power or inflation.
ADJUST FOR INFLATION
@@gabrielaponte6403 That's in constant dollars.
It is not a question of right or left as much as it is right and wrong.
Right and left were invented to make things look simple yet things in real are not that simple.
We were not born with right or left tendencies, nor does there exist anyone who is completely right or left.
The fact remains that certain elite class in our societies took advantage of their power, wealth, and wielded it to gain more power over the national resources and legislatures.
They twisted the game in such a manner that we ended up with few controlling the rest of the people , wealth and power in our society. Thus the present economic malaise.
Look at the society where one who works for 8 to 10 hours and barely gets only to feed his family; and on the contrary look at the sportsmen, singers, actors, lawyers, advertisers, doctors, and do nothing politicians get many times more.
This speech is a typical example of the fact that economists are usually reasonably good at analyzing the past, but not the future. Let alone that Stiglitz has solid solutions. Look at what is happening in Europe in 2015. This speech was for me a waste of time.
You can't analyze the future. Economic analysis is based on data and you can't get data from the future. He doesn't make many predictions because he really can't given the heavy influence of politics in economics as he said. He does offer the Eurozone some solid advice free of charge and sadly they have not yet decided to listen.
Correct, but you can make predictions based on past data i.e. correlations between data. As Stiglitz speech is about the Future of Europe, is should rather be about the Hope of Mr. Stiglitz. Besides, in my memory Stiglitz has always been negative about Europe and suddenly he has gone "soft"? I think he has no clue what he is talking about, regarding the European economic model or it his speech is so called politically correct blabla (because he got paid to talk).
Economics is not even a real science.
No mainstream Nobel cocksuckers econmics con men, not one of them predicted the crisis of 2007-2008.
Nobel prize for economics is not given by the Alfred Nobel Committee, but by the Central Bank of Sweden. They just use the name Nobel to rub some respectability on their prize.
Why? Because they are in the business of peddling bullshit to the masses.
Actually Paul Krugman and Joseph Stiglitz predicted the crisis as well as some other well accomplished economists such as Thomas Picketty. They underestimated the scale of the crisis, but they saw it coming. And it is definitely a science, its just a social science.
KeillaSellay "not one of them predicted the crisis of 2007-2008."
Well, as far as I know, there is some evidence that some people (like bankers) knew about the crisis about to happen but told no one for various reasons.
Y
"The Future of Europe" here really = "The Economic Future of the Eurozone".
Fair enough from an economist, but it's not the same thing ;-)
Panta Rei 18:25 He clearly states he is talking about the Eurozone ;)
what europe is this when most of the videos are closed to europe people comments?!? Should na forbiden vídeos where u can forbid comments and being youtube or the channel administrador dating who or what or what line of thought can be in the comments, exatly what us Europeans thought just happen in dictators countries.shame on you!!
To listen to an american giving europe advice how to do with its economy is just crazy. Fx who created the problem in Greece? Was it europeans or was it creative americans from goldman sachs - you guess. The euro is still young, and learn all the time. Status, the euro is still here. The USA has since 2014 increased its debt by trillions of dollars. So american, follow your own advice, and if it actually works, lets talk.
Why do you assume he represents all of America? do you represent all of Europe? He's an economist, one of the best on our planet. His nationality is irrelevant. He has a lot of ideas on how the American economy should be improved, but he's not the one who gets to decide.
The European response to the crash was not economically sound. Instead of helping EU countries that were harmed the most to recover, they forced them into depression. Especially Greece who are still forcefully kept in a permanent depression because of politics, not economics. Can you imagine getting a 40% cut to your wages? or people that were paying into a social program for their whole lives such as pensions, to be reduced to inhumane levels. To the point where people could not afford food and electricity. This is what our leaders think is a good response. They are completely detached from humanity, this is what pieces of crap do to others. All of this is again, due to politics, not economics. All the EU is about is dominating each other.
And this is not a fair comparison. The US have been in war after war, while many countries in NATO even refuse to pay the 2% GDP that is required. It is not an issue to increase debt, as long as that debt is invested into long term investments with returns that pay it off over time. This is a lot more preferable to debt avoidance. There are so many social programs for example that have been proven to provide massive returns, such as providing education to underprivileged kids, and much more.
stig youre not doing enough, sorry mate
We are not doing enough to help him. But maybe all we need to do is keep truth alive and reachable when the next great depression starts.
He's just talking crap about the US. Europe is anemic compared to America and everyone knows it.
I'm sure the average worker who hasn't seen a real-wage increase in over 3 decades in the USA knows it too.