Joseph Stiglitz has become a hero of mine. His intelligence is well-recognized not only by his being a recipient of the Nobel Prize for Economics, but for his critical writing on the negative influence of the World Bank on the poorer nations. His broad understanding of the dynamics of international trade are captured in his books, e.g., "Globalization and Its Discontents".
I have referenced him in many blogs:
June 1, 2007
June 28, 2007
November 9, 2007
September 24, 2008.
Today, I recommend a reading of his testimony to the House Committee dealing with the problems in financial services. While this testimony is lengthy and complicated, it will serve as a reference when thinking about what should be done to make our financial services work more effectively and transparently for the benefit of all.
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