shopping cart CART ITEMS: -
| CHECKOUT
Conferences Series Events
SPACE   |   EVOLUTION   |   PHYSICS   |   SOCIAL SCIENCES   |   NATURAL SCIENCES   |   DNA   |   PSYCHOLOGY   |   BIOTECH   |   MEDICINE   |   ANTHROPOLOGY   |   ASTRONOMY
INTERNET   |   NEW MEDIA   |   START-UPS   |   PERSONAL TECHNOLOGY   |   WIRELESS   |   COMPUTING   |   ENGINEERING   |   CEOS
RELIGION   |   GAMING   |   FILM   |   FASHION   |   SEX   |   PHILOSOPHY   |   EDUCATION   |   HISTORY   |   ARTS   |   MUSIC   |   TRAVEL   |   PHOTOGRAPHY
Watch Now

Jeffrey Sachs: Global Effects of Crisis

13
Likes
0
Dislikes
RATE
32,319 Views

  • Info
  • Bio
  • Chapters
  • Highlights
  • Transcript
  • Download
  • More
Please or register to post a comment.

phiscal Avatar
phiscal
Posts: 78
Posted: 07.25.09, 11:51 AM
While I agree with his thesis that the financial crisis has been brewing since Volcker's success against inflation, I find most of his commentary simplistic, unnecessarily caustic, and even intellectually dishonest.

Simplistic because all of society, from top to bottom, from right to left, wanted to avoid or at least minimize recessions since Volckers success. Greenspan carried out that mission well.

Unnecessarily caustic because of his scalding criticism of classic political bogeymen - Wall Street, Big Oil, and Republicans - all of whom contributed mightily to the standard of living Jeffrey Sachs and virtually anyone reading this enjoy.

Intellectually dishonest because he willfully ignores the fact that half of the worlds poor are now middle class - as defined by having 1/3 of their income left over after paying for life's basics, and that the actions ordinary people and populist government policies certainly share blame for the financial crisis along with the financial industry.

Other than that, I liked his presentation
Permalink
TreeLuvBurdpu Avatar
TreeLuvBurdpu
Posts: 43
Posted: 05.24.09, 12:47 AM
Blaming the US for poverty in Africa is like blaming the US for all the people fleeing to here from Mexico. I don't understand how he links bank bonuses to African aid. Should the banks give the bonuses to Africa?

African aid pales in comparison to Hanah Montana toothpaste sales. But what does that mean? Was the financial crisis caused by lack of African aid?

I think the crisis was caused by the government trying to manipulate our values. They were trying to tell us what we wanted. We wanted homes, they thought. They were sure of it. And through FNMA and Freddie Mac they based our money on it. But the value of the homes was not quite as high as the value they tried to assign to them.

Adam Smith pointed out that there is no comodity who's value does not fluctuate, except perhaps a days labor or a portion of ones life. Government manipulation has caused this crisis, and it is a crisis of value.
Permalink
JeremiahJ Avatar
JeremiahJ
Posts: 1
Posted: 05.22.09, 01:33 PM
His premise requires one to believe that any money sent to Africa won't be confiscated by the notoriously corrupt and backward leaders the way it has been for many, many years.
Permalink
userid8765 Avatar
userid8765
Posts: 3
Posted: 05.18.09, 10:01 AM
Sachs is shedding crocodile tears. I'm surprised no one called him out on his failed "shock therapy" policies in the developing world. In essence, the program consisted of privatizing public institutions and providing psuedo-aid to the developing world, all of which serve the interests of foreign multinational corporations. To feed the population, foreign aid dollars are used to import food from the likes of cargill and other global food producers. The effect? It puts local growers at a disadvantage. It nurtures a dependence on foreign aid. It fails to teach the locals self-reliance and sustainable practices. Sachs efforts have helped bring developing countries out of poverty as much as the world bank and IMF.
Permalink
Steve Daley Avatar
Steve Daley
Posts: 1
Posted: 05.16.09, 02:46 PM
Sachs is predictably simplistic. Greenspan's lax monetarist fuel did indeed inflate the asset balloons (dotcom and housing) but he doesn't explain why easy credit did not provide additional capital for investment in the real economy. The retreat of capital to risk-free channels such as financial services and short-term asset speculation is the outcome of systemic weaknesses that exist in the real economy. The reality is that the US economy has not resolved the chronic stagnation of industry and commerce since the recessions of the 1970s and 1980s. The growth of Wall Street from the mid 80s is the flipside of the degeneration of Main Street during the same period.
This can no longer be ignored.
<a href="http://anemeconomy.info">anemeconomy</a>
Permalink
Advertisement
NO ADS + DOWNLOADS + HQ VIEWING
UPGRADE TO FORA.tv PLUS
JOIN NOW >>

Recommended

A View of the Economy from the Federal Reserve A View of the Economy from the Federal Reserve
01:07:48 min | 13,367 Views
Forum on the Economy with Professor Frederic Mishkin Forum on the Economy with Professor Frederic Mishkin
01:02:45 min | 3,033 Views
Treasury Secretary Geithner on Financial System Oversight Treasury Secretary Geithner on Financial System Oversight
00:56:31 min | 8,509 Views
Robert Heller: Restoring Confidence In Financial Markets Robert Heller: Restoring Confidence In Financial Markets
01:04:56 min | 15,618 Views
Hugh Patrick: Economic Crisis in Japan Hugh Patrick: Economic Crisis in Japan
00:06:23 min | 2,679 Views

Get Our Free Newsletter

Advertisement