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Freefall by Joseph Stiglitz – A Book Review

I must admit I was a bit impatient when I saw the book being postponed for publishing for February 2010. Not only because “Freefall – America, Free Markets, and the Sinking of the World Economy” by the famous Joseph Stiglitz is a book which promissed to demistify the current prolonged global crisis in a more academic manner (read – with some stone hard economic analysis behind, not the small talk books written usually on the topic). I was expecting it with impatience also because Stiglitz is a non-compromises author – he does not fiddle around the topics, but shoots and moves ahead. And my expetations were actually a bit exceeded.
So, an “Freefall” is an economics book about the recent global crisis and how it spread from US to the rest of the world. I think that besides me, the first one thousand copies were bought by the following characters:
– president Obama and his financial advisors;
– ex- double president Bush, Alan Greenspan and all the economic advisors who accompanied him and
– the bankers who invented lots of arguments to get trillions of dollars in cheap loans from the US government to make even more profits.Read More »Freefall by Joseph Stiglitz – A Book Review

US Treasury Plans To Stimulate Finance Consumption

US Treasury picture and photoThe Treasury Secretary Henry Paulson, this Keynesian economist of the 21st century, is ready again for a blow under the America’s tight belt. His theory is simple – if people lost too much weight, we should give them a fist of amphetamines and the promise of a wonderful land after the crisis will pass. Amphetamines will give them the sensation of light in the darkness of the financial crisis, whereas the promises show that Treasury is trying to do something for the nation. And according to the principle that “any action is better than sitting and waiting”, Treasury has launched itself into water. As we noticed few months back on…Read More »US Treasury Plans To Stimulate Finance Consumption