Joseph Stiglitz, the Nobel laureate from 2001 after all, comes in his book "free fall" in much the same conclusions as me. Even for him it is not only the perverse incentives and the crass greed, as is usually claimed, led to the financial crisis. He also raises the question of who or what is to blame for the financial crisis. He comes here to same conclusion as I did in my book "Lost confidence" - in his book he interprets as a "glaring example of market failure and thus for all the nasty failure of the American economic system."
I'm happy of course very much and I confirmed that even Joseph Stiglitz, the cause of the crisis in addition to the human error in the system itself provides. Exactly the same conclusion I have come in my book. I would even go further - on 11/09/1989 with the fall of the Berlin Wall has all come to realize that the pure planned economy has failed as an economic approach - on 15.09.2008, for me it has become clear that the market economy as an economic system has failed. But what comes next and what are the consequences for us all this?
More like this next week
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