It’s another Soros link to Occupy Wall Street
Envisions ‘New Economic World Order’ no longer dominated by 1 superpower
By Aaron Klein
© 2011 WND
A George Soros-funded economist taught a course to the Occupy Wall Street protesters purportedly to help the activists better understand what caused the global financial crisis.
Nobel prize-winning economist Joseph Stiglitz also recently addressed the so-called social protests rocking Spain.
Besides accepting funding from the controversial billionaire, Stiglitz has engaged in numerous projects with Soros and sits on the boards of Soros organizations, including one openly seeking to remake the world’s economy.
Stiglitz is a leading proponent of more government regulation of the economy.
He previously chaired the Commission on Global Financial Issues of Socialists International, the world’s largest socialist organization.
Last year, he gave a lecture titled “A New Economic World Order” in which his presentation called for the world to be “no longer dominated by one ‘superpower.'”
During his teach-in for the Occupy Wall Street protesters last week, Stiglitz declared banks “prey on the poorest Americans.”
“There’s a system where we socialize losses and privatize gains,” he told the anti-Wall Street protesters. “That’s not capitalism, that’s not a market economy, that’s a distorted economy and if we continue with that we won’t succeed in growing, and we won’t succeed in creating a just society.
“One of the things the banks did was to prey on the poorest Americans [through predatory lending],” continued Stiglitz. “We knew about it. There were some people who tried to stop it, but they used their political power, [that is] Wall Street used its political power, to stop those who would stop them.”
Government intervention
Stiglitz has been an economic advisor to President Obama, but he also criticized the president’s bank rescue plan. Stiglitz said whoever designed that plan is “either in the pocket of the banks or they’re incompetent.”
Stiglitz won his Nobel for research on what became the theory of information asymmetry, which argues for more government intervention in failing economies than the traditional “market failure” school had previously recognized.
He has stated that “the real debate today is about finding the right balance between the market and government. Both are needed. They can each complement each other. This balance will differ from time to time and place to place.”
Gavin Wright, chairman of Stanford’s economics department, summarized Stiglitz’s work by stating, “Broadly speaking, Joe’s theoretical work has had to do with the shortcomings and imperfections of market economy, not from the standpoint of a thorough-going rejection of the market economy but from the perspective that holds out hope for improvement through government regulation or use of the tax system.”
READ THE FULL ARTICLE AT THIS LINK:
http://www.wnd.com/?pageId=355477
