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1、Inhisspeech,titled"ChinaandGlobalization",StiglitzsaidthatmanypeoplehopedChinawouldsavetheworldfromaneconomicslow-down."ThefactisthatChinaisamajorengineoftheworldeconomyanditcanmakeupfordeficienciesoftheUnitedStates,butweshouldalsoseethatChinaistryingtopreventeconomicoverheatin
2、gandinflation."JosephStiglitz:CrisisAsBadAsGreatDepressionOrWorseBySteveWatsonTwotimeNobel-prizewinnerandformerchiefeconomistoftheWorldBank,JosephStiglitzsays“youhavetobeinfantasylandtosaythateverythingisfine.”TwotimeNobel-prizewinnerandformerchiefeconomistoftheWorldBank,Joseph
3、StiglitzhaswarnedthatthecurrentfinancialcrisiswillcontinueforatleastanothereighteenmonthsandinmanywaysrepresentsaworsesituationthantheonefacedbyAmericansduringthegreatdepressionofthe1930s.‘Youcanpaperthingsoverforawhilebuteventuallyyouhavetofacereality.’Stiglitztoldthenationall
4、ysyndicatedAlexJonesshowyesterday.‘Thisisclearlythemostseriousproblemsincethegreatdepressionandinsomewaysworseintermsofthefinancialinstitutions.’Stiglitzcommented,referringtothefactthatlendersareunwillingtotakeriskstofinanceeachotherbecausetheynolongerhavecompleteaccesstotheiro
5、wnundertakingsletalonethoseofotherinstitutions.‘Thereason,inpart,isthatwhilesomeofthesameproblemsthatoccurredduringthegreatdepressionandhaveoccurredsince,suchasexcessiveleverage,pyramidschemes,bubbles,havehappenedbefore,thesocalledinnovationofWallStreet,thefinancialinnovations,
6、thatweresupposedtomanagerisk,createdakindofnontransparencythatisnowsogreatthatnooneknowsexactlythemagnitudeoftherisktheyface.’‘Itisparticularlybadbecauseourfinancialinstitutionsarebasedontrust,youputthemoneyinthebankandyoutrustthatyoucangetyourmoneyout,sotrustisabsolutelyessent
7、ialforthefunctioningofourfinancialmarketsandthefunctioningofoureconomy.’hecontinued.‘Theproblemisthatmuchofthenewsonwhatisgoingoninthefinancialmarketscomesfromthosewhoaremakingmoneyoutofthefinancialmarkets.SoifyouwereoneofthepeopleinvolvedwithLehmanBrothersorAIG,you’regoingtobe
8、talkinguptheeconomy.TheheadofLehmanBrotherswasquotedla
