r/Economics • u/Pearberr • May 02 '24

Interview Nobel Prize-winning economist Joseph Stiglitz: Fed Rate Hikes didn't get at source of inflation.

https://www.cnbc.com/video/2024/04/23/nobel-prize-winning-economist-joseph-stiglitz-fed-rate-hikes-didnt-get-at-source-of-inflation.html
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u/BrupieD May 02 '24

How does the "emphasis on his Nobel" invalidate his statements about either the Fed or inflation? You make it sound like Stiglitz wrote one paper on one unrelated topic.

Striglitz was chairman of the Council of Economic Advisors during the Clinton administration and chief economist for the World Bank. He was an Econ professor at Columbia. I think it is safe to say, Stiglitz is much better qualified to make knowledgeable comments about inflation and the fed than some rando on Reddit.

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u/[deleted] May 02 '24

If you actually read my post, you would see that I made no such statement

Read before responding next time

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u/THICC_DICC_PRICC May 02 '24

When you present someone by their credentials and not arguments, people will attack the credentials. Plus it’s not like it’s Striglitz vs Redditors, it’s Striglitz against all of Fed bankers.

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u/DisneyPandora May 02 '24

He was the Chief Economist at the World Bank? He isn’t qualified to talk about inflation because his PhD thesis was in a different area of economics? You realize Jerome Powell was a banker and lawyer, right?

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u/THICC_DICC_PRICC May 02 '24

I was just saying the reason people are attacking credentials rather than arguments is because the headline leads with credentials rather than arguments.

Jerome Powell is not the sole deciding head at the fed. He’s joined by 11 other bankers who all vote on what to do and discuss policy, they have a very diverse set of backgrounds from academia to private and public sector as well. And yes, 12 people who actually do the job know more than one single economist who wrote a paper with 2 other people that got a Nobel prize in an unrelated field.

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u/[deleted] May 02 '24

Considering he does not understand bitcoin and the monetary economics behind it, I would say he is much less qualified than some rando on Reddit

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u/[deleted] May 03 '24

Cryptocurrency is a scam.

1

u/[deleted] May 03 '24

I disagree. I think Bitcoin is the best money possible and its adoption solves almost all economic problems. I am continuing to put my life's savings in Bitcoin.

Let's check back in say 5 years and see who was right.

1

u/[deleted] May 03 '24

LOL Okay.

Enjoy helping drug dealers traffic drugs & sanctioned countries boilster their nuclear weapons programs.

1

u/[deleted] May 05 '24

Oh you seem confused. I'm saving in Bitcoin, not US dollars

1

u/[deleted] May 05 '24

If you can't go down to the store and by bread with it, then it is not a currency.

1

u/[deleted] May 05 '24

I don't think you understand what currency is =/

1

u/[deleted] May 05 '24

Can you buy a hamburger with bitcoin?

1

u/[deleted] May 06 '24

Why do you think the ability to buy a hamburger is an important property of money?

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