Stiglitz pontificates!

And he wrote a book on monetary economics!

From Bloomberg:

“Now the Fed is going to try and seem relevant so it will try to do something,” he said. “Monetary policy is much better at restraining the economy than pushing it when you’re in a severe downturn such as the current time.”

“If we’re going to get out of the current mess it will take fiscal policy.”

One thought on “Stiglitz pontificates!

  1. Yes, if you print money and throw it on the streets, people are so gloomy and defeated they just walk by. No one will pick up the money and take his wife to the restaurant, where waiters and cooks will get wages and spend etc etc etc.

    I say we run a national lottery that pays out more than it takes in. Tickets are sold in maximum $100 allotments. Goosing pay-outs at racetracks is another good idea.

    But I would also just dump money onto street-corners in lower middle-income neighborhoods.

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