Epilog

Dimitris N. Chorafas
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Dimitris N. Chorafas: New York Academy of Sciences

A chapter in Capitalism Without Capital, 2009, pp 237-244 from Palgrave Macmillan

Abstract: Abstract In mid-March 2009 (and widely reported) Josef Stiglitz, Professor of Economics at Columbia University and former Chief Economist of the World Bank condemned the lack of a coherent long-term strategy by the Obama Administration in dealing with the severe economic and banking crisis, perhaps turning it into another Great Depression, thus dashing the hopes of all those who had thought that America has finally found the right leadership to end the state of capitalism without capital. Four themes suggest that the UK and US governments are going in the wrong direction: “Quantitative easing” by Fed and Bank of England, Rewarding rather than punishing the wrongdoers, Canceling “marking to market”, therefore transparency, and Institutionalizing the so-called “bad bank,” paying for it with years’ and years’ worth of gross domestic product (GDP).

Keywords: Gross Domestic Product; Central Bank; Hedge Fund; Credit Default Swap; Toxic Waste (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-25102-1_11

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DOI: 10.1057/9780230251021_11

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