stiglitz - the stiglitz report; reforming the international monetary and financial systems in the wake of the global crisis (2010)

[...]... taxpayers in these countries in the end funded the bailouts-repaying, with interest, the IMF and others who had come to the rescue of the banks And then they had made money once again in the rescue, in the fire sales of the East Asian companies that the IMF had demanded as the price for its assistance In this crisis, the banks would, once again, be bailed out, this time by American and European taxpayers Finally,... for decisionmaking of the highest order-thinking and acting to define the institutional contours of our common lives It is the result of heroic efforts by a number of individuals and institutions-diplomats and officials, activists and intellectuals in civil society and social movements, and other academic and independent experts from across the globe The June Outcome draws upon the intellectual capital... continue and inspire others to join in Miguel d'Escoto Brockmann President of the 6yd Session of the United Nations General Assembly THE STIGLITZ REPORT 1 INTRODUCTION THE CRISIS: ITS ORIGINS, IMPACTS, AND THE NEED FOR A GLOBAL RESPONSE The current financial crisis, which began in the United States, then spread to Europe, has now become global The rapid spread of the financial crisis from a small number of. .. demand -and might hamper a strong recovery-have now become widely accepted Most of the reserves today are held by emerging markets (in Asia and the Middle East), and these markets worry about the loss in value of these reserves with the declining value of the dollar For a long time it seemed anomalous to have the global financial system be * In the Tax Justice Network's Financial Secrecy Index, the. .. secretary of the UN Department of Economic and Social Affairs and head of research for the G-24, a grouping of 24 developing countries seeking to advance their views about international economic policy within the international economic institutions It was important to have a representative of the world's largest emerging market, China, and we were fortunate in getting the active participation of Yu Yongding... Europe always appointed its head) that were responsible for the crisis Two institutions stepped into this void The G-20 finance ministers had been meeting regularly since a decade earlier at the time of the East Asia crisis Now, at the initiative of European leaders, the G-20 members were being elevated to the level ofleaders But there are 192 countries in the world -and that meant the voices of some 172... unemployment in 2009 could increase by some 30 million compared with 2007 and reach almost 60 million if conditions continue to deteriorate While the crisis began in the financial markets of the advanced industrial countries and then spread to the real economy, in many developing countries, the initial impact of the crisis has been felt in the real sector but is now spreading to (and through) the financial. .. term measures and was headed by Ocampo Following the January meeting in New York, the working groups and the Commission as a whole met in Kuala Lumpur (February), New York (February), Berlin (March), Geneva (March), The Hague (May), and in New York, at the time of the report on our preliminary findings (in March), and at the time of the summit meeting (June) The discussions were lively and intense, but... policies and practices, and, less overtly, of ethics and accountability The essential insight of the report is that our multiple crises are not the result of a failure or failures of the system Rather, the system itself-its organization and principles, and its distorted and flawed institutional mechanisms-is the cause of many of these failures It is a habit of contemporary speech to refer to the global. .. difficulties in the coming years with the aging of the baby boomers Cutbacks in social insurance may fray the fragile social contract, already tattered by the bank bailouts, and cutbacks in investments in infrastructure, education, and technology will slow growth The Commission was appointed to serve for a short period; its mandate expired with the end of the term of the President of the General Assembly But the . War: The True Cost of the Iraq Conflict (with Linda J Bilmes) THE STIGLITZ REPORT Reforming the International Monetary and Financial Systems in the Wake of the Global Crisis. funded the bailouts-repaying, with interest, the IMF and others who had come to the rescue of the banks. And then they had made money once again in the rescue, in the fire sales of the East. ensured that the Commission saw the current xvi PREFAC E global financial crisis within the broader perspective of the other cri- ses afflicting the developing countries-including the food,