Business

Freefall or Triumph of Greed?
by Barbora Misakova

TV Channel France 24 had an opportunity to talk to Joseph Stiglitz, Professor at Columbia University and also 2001 Nobel Prize in Economic Sciences about the world economic prospects and the American stimulus packages. Stiglitz came to Paris for promotion of French version of his latest book called “Freefall”. In French it was called as “The Triumph of Greed” what professor explained by worry of the publisher that the word “freefall” would not be translated well into French. He also admitted he was using that word “not only to describe the collapse of the economy but also the collapse of the set of ideas. Ideas of market fundamentalism, also even the notion of who our heroes were.” The biggest problem lies not only in failure of our banks but in failure of all the society. But he didn’t forget to stress, that economy crisis has the American label and the situation there is much worse than in Europe. On the other hand the ! European Union has problems with solving crisis downturn because of the paradox which lies in the fact that 16 countries are sharing the same currency but different budgetary policy. Unlike USA which has the same currency but they are based also on the same framework. So if any of the states have problems other states can just simply channel lot of their resources to it. As Stiglitz said, if all the budgets would be in balance, everything would be fine, everything would work. As he added it is not only about budget balance but also about solidarity: “If Europe shows solidarity with Greece then they actually won’t have to give it any money. But if they don’t then there is a real problem.”

related story (sgx16489): http://www.france24.com/en/20100212-business-intervi! ew-josep...

by Barbora Misakova for SigEx Ventures (http://sigexventures.com)

SigEx Ventures's matrix of properties are quickly becoming leaders in digital telebroadcasting, free content delivery allowing people to easily talk, view, upload and share through free online TV broadcasting, free unlimited global calls, video blogs and SMS. SigEx Ventures invests in projects deploying "free" to add-on royalty revenue models

posted by Blog TechSource @ 12:23 PM