How to fix the Global Economy

Casey Berry
February 13th, 2009
8:30 am

How to fix the Global Economy
By: Joseph E. Stiglitz

In Singapore last month a meeting was held by the International Monetary Fund. They met to discuss “trade deficits” and they talked about how much longer our economy can endure this stress. According to Stiglitz the U.S. borrows almost $3 billion dollars a day, and China borrows almost $500 million a day. He says that there’s good news and bad news. The good news is that countries are starting be realistic and realize that this can’t go on forever, that the money will eventually run out. However, the bad news is that no country believes its policies are to blame. We the U.S. are blaming China, and every other country is pretty much blaming the U.S. John Keynes claims he called attention to this issue three-quarters of a century ago. He also said he would “create a new reserve system based on international currencies.” His last statement was that “until we attack the structural problems the world is likely to continue to be plagued by imbalances that threaten the financial stability and economic well-being of us all.”
I agree with Mr. Keynes an international currency would be a good idea. As Americans we need to bong together with these other countries and think of a good plan. Everyone needs to stop pointing their fingers at someone and take responsibility for their own actions. Our country spends entirely too much money on unnecessary things, and now is the time to stop that. It sounds to me like we the U.S. are the ones spending more money than anyone else so I can’t understand why we’re blaming China for our problems. It really doesn’t matter who’s at fault, we need to come together as a world, put our differences aside and fix this huge problem before it gets so bad that we cannot solve it.