Joseph Stiglitz: Banks Too Big Fail

Meaning of Joseph E. Stiglitz Money Quote: saying giant banks have become not only too big to fail, but too big for responsibility. Joseph E. Stiglitz said:

 

 

“We have banks that are not only too big to fail, but too big to be held accountable” — Joseph E. Stiglitz

The quote by Joseph E. Stiglitz suggests that large banks are so powerful and influential that they are unable to be held accountable for their actions. This could be interpreted in a few ways:

1. Too big to fail: The quote could be interpreted as meaning that these banks are so large and interconnected that their failure would have catastrophic consequences for the entire financial system, making it impossible to hold them accountable for their actions.
2. Too big to be regulated: The quote could also be interpreted as meaning that these banks are so large and powerful that they are able to avoid or evade regulations and oversight, making it difficult to hold them accountable for their actions.
3. Too big to be prosecuted: The quote could also be interpreted as meaning that these banks are so large and influential that they are able to avoid criminal prosecution for their actions, making it difficult to hold them accountable for their actions.

Overall, the quote suggests that the size and power of these banks can make it difficult to hold them accountable for their actions, which could be seen as a problem for the stability and fairness of the financial system.

Joseph Stiglitz: Bitcoin Money Laundering

Joseph Stiglitz Money Quote saying he believes that people want digital currency like Bitcoin only to circumvent the law – so he thinks it will implode without illicit uses. Joseph Stiglitz said:
 

 

“When you regulate it so you couldn’t engage in money laundering, there will be no demand for Bitcoin” — Joseph Stiglitz

In this money quote, economist Joseph Stiglitz is referring to the cryptocurrency Bitcoin. He is suggesting that if governments were to implement strong regulations that effectively prevent the use of Bitcoin for money laundering activities, it would significantly reduce the overall demand for Bitcoin.

Stiglitz seems to be implying that a large part of Bitcoin’s popularity and value currently stems from its ability to facilitate illegal transactions like money laundering in a pseudonymous manner.

So in his view, regulating Bitcoin in a way that eliminates this anonymity and cracks down on its illicit uses would undermine an important driver of its adoption and valuation.

Why do people want Bitcoin? For secrecy, according to the economist Joseph Stiglitz. The world's biggest cryptocurrency should be regulated "out of existence," says the Columbia University professor, seen in @sdawsonphoto's portrait. And it exists only because of abuses to the financial system, he's told us at the World Economic Forum in Davos. There's been intense speculation about whether Bitcoin has peaked. It reached as high as $19,511 before Christmas but is now back down around $11,000. #WallStreet #business #bitcoin #cryptocurrency #crypto #currency #forex #money #finance #invest #investment #economics #rich #wealth #millionaire #billionaire #entrepreneur #entrepreneurs #startup #technology #tech #computer #geek #geeks #quote #quotes #quoteoftheday #powerful #successful

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Joseph Stiglitz believes that Bitcoin and other cryptocurrencies are mainly used for illicit activities like money laundering. He thinks that if cryptocurrencies were strictly regulated so they could no longer be used for illegal purposes, then there would be little legitimate demand or value for them. Stiglitz argues that without their ability to circumvent laws and regulations, cryptocurrencies would lose much of their utility and appeal, causing their value and use to significantly decline or “implode.”

Joseph Stiglitz: Funds Pockets of Secrecy

Economist Joseph Stiglitz Money Quote saying in the Overcoming the Shadow Economy report on Panama Papers, Joseph Stiglitz believes complete transparency is required worldwide financial markets. Economist Joseph Stiglitz said:
 

 

“In a globalized world, if there is any pocket of secrecy, funds will flow through that pocket” — Joseph Stiglitz

The best interpretation of the quote by Joseph E. Stiglitz is that if there is any place with lax financial regulations or secrecy, money will flow into that place, potentially for illicit activities such as money laundering or tax evasion.

This highlights the importance of global financial transparency and cooperation to prevent such activities and ensure that funds are used for the greater good.

Joseph Stiglitz: Americans Taxation Burden

Joseph Stiglitz Money Quote saying working americans are bearing the larger burden of taxes that corporations should be sharing. Joseph Stiglitz said:
 

 

“Their lobby helped create this law that allows them to escape taxes, pushing the burden of taxation on ordinary Americans” — Joseph Stiglitz

The best interpretation of the quote by Joseph E. Stiglitz is that he is criticizing the practice of lobbying by wealthy individuals and corporations to create laws that benefit themselves at the expense of ordinary Americans.

He suggests that these efforts to influence government policy have resulted in a tax system that unfairly burdens the general population while allowing the wealthy to avoid paying their fair share.

Joseph Stiglitz: Law = No Corporate Taxes

Joseph Stiglitz Money Quote saying corporate lobby has manipulated the law to allow them to avoid taxes offshore. Joseph Stiglitz said:
 

 

“The law does permit it – [Large Corporations] use their lobbyists to make sure that the law gives them the scope to avoid taxes. So this argument ‘Oh, we’re only doing what the law allows’ is disingenuous” — Joseph Stiglitz

The best interpretation of the quote by Joseph E. Stiglitz is that large corporations use their influence and lobbying power to manipulate the law to their advantage, allowing them to avoid paying taxes.

This quote suggests that these corporations are not simply complying with the law, but rather exploiting loopholes and exemptions to minimize their tax burden, often at the expense of the public good.

By using their resources and influence to shape the law to their advantage, these corporations are engaging in a disingenuous practice that undermines the integrity of the tax system and perpetuates inequality.

Joseph Stiglitz: GDP Not Well-Being

Economist Joseph Stiglitz Money Quotation saying “what we measure informs what we do. And if we’re measuring the wrong thing, we’re going to do the wrong thing.” Joseph Stiglitz said:
 

 

“GDP is not a good measure of economic performance; it’s not a good measure of well-being” — Joseph Stiglitz

Joseph E. Stiglitz’s quote suggests that GDP (Gross Domestic Product) is not a comprehensive measure of a country’s economic performance or well-being. GDP only accounts for the monetary value of goods and services produced within a country, without considering other important factors such as income inequality, environmental degradation, or the value of unpaid work.

Stiglitz argues that GDP does not capture the full range of economic activities and outcomes that affect people’s well-being. For example, it does not account for the value of leisure time, the quality of education, or the health of the population. Therefore, relying solely on GDP as a measure of economic performance can lead to policies that prioritize economic growth over other important social and environmental factors.

In summary, Stiglitz’s quote highlights the limitations of GDP as a measure of economic performance and well-being, and suggests that policymakers should consider a broader range of indicators when evaluating economic progress.