Joseph Stiglitz, "The Euro" 

OMG I fucking love mic guy.

Its actually achieved the exact opposite. Its only succeeded in opening up old wounds

And not true at all. A lot of countries need to increase productivity. Making more debts will not solve the problem

@@sebanj222 Productivity has skyrocketed, but compensation has not. This has been happening consistently for the last 50 years. So what the hell are you even talking about?

Seems you are not the brightest. Stiglitz himself and every other economist said the same. The southern countries are too expensive (or not productive enough) compared to northern countries. Or if you want to blame the northern countries: they are too cheap (or too productive) compared to southern countries. Making more debts will not change this problem. And with all these EZB-programs we are far, far, far away from austerity.

@@sebanj222 And yet the increases in living standards were sustainable before the crash and the nonsensical response of extreme austerity (which increases debt...). You are clueless yourself there mate. Arguing for your own enslavement. Good luck with that.

You can always rise your living standard with debt and thats what Greece did. The eastern european countries argued that their living standard is lower than in Greece and Greece did receive a lot of money. A german economist said that not the EU forced Greece into Austerity but the markets did by not lending Greece money anymore. He also said that it was not a good decision to keep Greece in the eurozone. But what can you complain about? There is no austerity anymore, the EZB is buying tons of government bonds - so everything should be fine.

The sound is low because, for all his smarts, Stiglitz can't or won't use a microphone.

Julia Cor what Germany and the other Northern Europeans is doing at the moment is callous and only going to end horribly

In how far are you lying when everybody knows your real situation??

This is the EU, subsidies Spanish fisherman to grow their market, pay English fisherman to sell their boats, Spain must now fish in the waters of the UK, and the peole of the UK must by their fish abroad. Farmers in the Netherlanda are fined for effective farming, farmers in France receive subsidies because they can not compete. Etc etc etc, a socialistic nigjtmare

it's not idiotic. your ignorance is. the EU is built out in a way that lesser countries provide markets for western end products while servicing cheap labor and cheap low added value resources for western industries. they do this mostly through regulation, one very straightforward and easy to understand example he brought was about the milk. apparently still not easy enough to understand for some.

Hahahah you can't hustle the original Mob! Who'da know not paying legal theft was beneficial...

italys government needs transparency, cut red tape, labor reforms and lower taxes if it wants to survive

Bro what are you talking about, Greece has even more black market than Italy 😂

Neoclassical Economics the mainstream school. It is divided into 2 branches. Neoliberal and new Keynesianism. Neoliberals are best represented by Reagan and Thatcher. Markets are perfect and government needs to get out of the way. The government should privatize everything they can. The talk a lot about always running a government surplus. New Keynesians believe in a mixed economy, and sometimes running a deficit. Best represnted by the views of Paul Krugman and Joseph Stiglitz. Because they are not free market fundamentalists, they are called left, even though they are centrist. I prefer the non-mainstream Post Keynesian school. Search "Steve Keen" if you are interested. I know this is pretty oversimplified, but I hope it give you something to start with.

@@ChrisSmith-bh2hg Thank you for your description of branches in the Neoclassical economy.

@@ChrisSmith-bh2hg you have a really childish and simplistic view of economics. Only reddit-"economists" divide it like that

Cutting back on public spending to bring down the deficit or at least stop the growth rate of the deficit. Austerity in times of contraction and low inflation leads obviously to disinflation, unemployment and even a loss in GDP esp. because public spending has a big multiplier. Read Paul Krugman, Steglitz, Blyth and Keynesians in general.

pcuimac *Deflation. You might want to note that Keynesianism isn't the only school around, even if you prefer it. The neoclassic synthesis with monetarism is probably the best fit for Krugman and Stieglitz, not pure Keynesian economics.

Paul Schmitz: no, pcuimac is right. Disinflation - i.e. price growth decreasing - is the relevant concept when speaking about the recent period. Deflation - i.e. the price level itself decreasing - was typical in other historical episodes of economic depression, like the decade after the 1929 crisis. Hans Meier: don't get trapped into "schools of thought" reasonings. They exist, but this has no consequence upon the right way to assess any economic argument - that is, with recourse to facts and logic. Moreover, some things are established beyond reasonable doubt, and the existence of keynesian mechanisms is one of them - independently of any broader theory about the economy. Finally, austerity is not necessarily imposed by expenditure cuts. It can also be pursued by increasing taxes - or a combination of the two.

+distopiadnb Never heard of the term disinflation, have always thought of it just in the terms of the derivative of inflation/deflation. I apologize for the premature "Correction".

Easy. It's actually a new policy jargon I guess, and likely because the phenomenon is also new, at least as seen on such a large scale. The Great Depression had strong, outright deflation in the US and elsewhere. But, as you may know, research over the microfoundations of business cycles, especially in the 70s and 80s, gave prominence to assumptions of sticky wages and prices. Keynes himself hinted at sticky prices, but probably regarded it as marginal, or secondary channel. In the new-keynesian models, instead, price stickiness is crucial to obtain recessions. Now, the fact is that this time things are, overall, more neo-Keynesian rather than old-fashioned Keynesian. If you collect wage data for countries like Portugal, Spain or Italy for the last 10 years, you'll se that data points on real wage growth end up concentrating overwhelmingly around zero. The distribution is clearly censored. One might be tempted to thik that it is due to institutional rigidities, although actually these countries liberalized their labor market strongly in the recent past. But the UK is pretty much the same.

and the racism about germany...i swear...

Damn. I didn't know Fox News broadcast in the EU. Your "logic" is the same as the idiots claiming it was African Americans responsible for The Subprime Mortgage Crisis.

Try listening to Yanis Varoufakis on the subject. He was Greece's finance minister

@@christopherbremer2192 ..If he was the finance minister of Greece he should be aware. Greece has the 4th biggest armey in NATO. A bunch of ships, helicopters and a lot of bang. They have excemted the church for tax. And guess what? The church is the biggest real estate owner in Greece. The tourist industry is all cash. Black money flurish. What Mr Varoufakis is saying is BS and that is why nobody gives him an ear. Now. The creditors should have taken more of the hit, agree on that. The banks was let off to easy. Especialy the French.

@@oddvardmyrnes9040 On top of that Greece faked its figures before joining the EU with the help of Goldman Sachs. Stiglitz is not accurate on this but this is a rather minor point and is not devalidating the rest

@@haldir3120 .. It is not for me to say if he is right or not, but the Greek people have income, so they manage. The problem they face is related to a cash economy, with weak tax laws and institutions. They are getting better, I hope.

Let's not judge old folk; they've earned the right to not give a hoot about their choice of clothes. P.S. Nice pic by the way.

IKa Ci this is not fashion show..

why the hell do you care?!?!

Because they made me laugh as hell!

that's how folk look that have more interests than just fashion

Sure...20 years later...

There’s not a chance in hell that would ever happen tho. America has been around for less than 250 years as we know it today, it was designed with an understanding that whilst there will be regional differences in culture, taxes, education and so on, they are still one nation working for one another. Europe will never see themselves in that, someone working in Germany has such little in common with someone in Greece to unify them and sell them on the idea that your work will be benefitting the others.