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Quote by Joseph Stiglitz

“America has had to turn to foreigners to finance its debt - not surprising since household saving in the last years has plummeted to zero. China is one of the largest holders of American debt.”

Quote by Joseph Stiglitz

Author

Joseph Stiglitz

Joseph Stiglitz is a renowned economist born on February 9, 1943, in the United States. He has made extensive contributions to the field of economics, particularly in the areas of development economics, globalization, and financial policy. Stiglitz served as Chief Economist and Senior Vice President at the World Bank and was awarded the Nobel Prize in Economics in 1998. more

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“We could, of course, always make the payments, simply by printing more money - we simply promise to pay people by giving them dollar bills - but that could set off inflation.”

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“These debt obligations will simply erode America's standard of living in the future. Money spent to service the debt is money that we don't have to spend on consumption's goods, or on investment in our future.”

Investment Obligation Our Future

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“It is unlikely that others would even demand their money back overnight, for doing so would lead to the value of the dollar plummeting; what they would get back with be worth little. But what we are already seeing is an erosion of confidence of the dollar, which is seeing the dollar fall in value.”

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“I find it scandalous not only that there was so little discussion of the costs of the Iraq war before we went to war - this was, after all, a war of choice - but even five years into the war, the Administration has not provided a comprehensive accounting of the war.”

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“This Iraq war has been the most "privatized" war in America's history. It has seen the most extensive use of contractors. The contractors have increased the costs; but they have been necessary - the military simply could not have done it on their own. we would have had to increase the size of the military. But the George W. Bush Administration wanted America to believe that it could have a war, essentially for free, without raising taxes, without increasing the size of the armed forces.”

Believe War Done Military Taxes Iraq War Armed Forces Contractor

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“The attempt to minimize cost and maximize profits often interfered with our true mission in Iraq. We should have been working to get jobs for Iraqis, but the contractors found it cheaper to import Nepalese and others. This increased resentment, contributed to unemployment, and to our losing the hearts and minds of the Iraqis.”

Mind Heart Losing Resentment Heart And Mind Contractor

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“We noted the psychological problems facing many of the returning from Iraq veterans - of the 700,000 returning veterans, more than a 100,000 have been diagnosed with problems, but the numbers are likely to get worse, as those with multiple deployments return. We should have valued the loss of life as a result of these suicides, using the same procedures we used for the loss of those who died in combat.”

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“I think we should be clear: Companies will still need software that furthers their corporate goals and even gives them competitive advantage. That would be purchased and developed, if necessary, in house, or on a proprietary basis. But it needs to run on the company's computer system eventually, and its perfectly possible that system/network can be "rented out" from a utility.”

Thinking Giving Running House Goal Computer Software Utility

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“If what you paid for an engine that could go 120 is significantly higher than the cost of an engine that would get you to 90, then you are "wasting" capacity. Its probably not a big deal in the case of your car. But it may be a big deal to a company when it comes to its computer system's capacity.”

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“No outsourcing the "soul" of the company - let's all agree to that. But most companies are more body than soul.”

Soul Agree Outsourcing

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