http://www.bloomberg.com/news/2011-04-10/stiglitz-calls-for-new-global-reserve-currency-to-prevent-trade-imbalances.htmlOh teh noez, we need a new global reserve currency to protect us from trade imbalances.
I particularly liked this:
The world economy needs a new global reserve currency to help prevent trade imbalances that are reflected in the national debt of the U.S., said Nobel-prize winning economist Joseph Stiglitz.
How badly do they want me to dis-respect the Nobel Prize any more?
Stiglitz:
He's a prof at Columbia.
He's a foaming Statist.
He's an honorary professor at Tsinghua University in Beijing, China (translation: pinko).
He's a Keynesian (and no, I'm not racist when I say that!).
The money quote, and the reason we HAVE to have a global currency, according to the 'Tard of the Day:
“By taking off the burden of any single country, we don’t have to have trade deficits,” Stiglitz said in an interview in Bretton Woods, New Hampshire.
Um...
Trade deficits come from countries trading GOODS in inequal amounts/values.
Not from a failure of currencies to exchange at a 1:1 ratio, or at the ratio your buddy Soros wishes they would trade at.
The Euro was the last Soros-originated currency pipe dream to "deal with the precarious situation of American financial hegemony." It's about to collapse. But Soros made his money from it.
He's trying to manipulate government so that he can have a new pipe dream currency to float his holdings into as an early adopter, then get out of just before it busts like the Euro.
