Stiglitz, who served in the Clinton administration, minces no words: We're being robbed
In an interview, Stiglitz said about the Obama-Geithner plan to aid Big Banks that it offered "perverse incentives." Hhmmm, "perverse." Ya think?
The U.S. government is basically using the taxpayer to guarantee against downside risk on the value of these assets, while giving the upside, or potential profits, to private investors, he said.
"Quite frankly, this amounts to robbery of the American people. I don't think it's going to work because I think there'll be a lot of anger about putting the losses so much on the shoulder of the American taxpayer." (My emphasis)
Not mincing words. Not often asked to appear on MCM interviews*. Go figure.
Also, Stiglitz sees the changing from the US dollar as the reserve currency as a good thing.
"We may be at the beginning of a loss of confidence (in the U.S. dollar reserve system)," he said. "I think there is support for some sort of global reserve system."
*MCM--Mainstream Corporate Media