Nobel Prize Winning Economist Joseph Stiglitz Says Bitcoin Has No Social Value
Addressing the audience at the 10th Arab Strategy Forum (ASF 2017), a global platform bringing together key influencers and decision-makers in political and economic fields, Nobel Prize-winning economist Joseph Stiglitz headlined a session titled ‘The State of the World Economy in 2018’.
Speaking primarily on macro-trends in macro economy, Stiglitz said globalization is one of the biggest global phenomenons. Mocking Trump’s tax reform plan, he considered it an assault to hike taxes on dynamic areas of the United States, including endowments of private education and research.
Referencing his 15-year old book, Globalization and its Discontents, which sought to explain why developing countries are dissatisfied with globalization, he was intrigued with Trump’s claims of unfairness towards the United States. Responding to how something that was supposed to benefit developed and developing countries alike was now reviled almost everywhere, Stiglitz noted that the agenda of globalization was driven by certain corporations. It was an agenda drafted by, and for large multinational companies, at the expense of workers and ordinary citizens everywhere.
Emphasizing the role of the tax reform in extinguishing any hope for a sustained level of growth, Stiglitz compared Trump’s plan calling it a “mish mash” that resulted in a not-so-well-designed bill to Reagan’s similar decision in 1986, which was well thought-out and based on experts’ research and deep dive of forecasts.
Touching upon Trump’s trade policy, claiming to put America first, he noted that the rule-based system of global trade will go forward with or without the US. Stiglitz mentioned that members of the Trans-Pacific Partnership (TPP) are prepared, and willing to go ahead with the deal even after Donald Trump’s withdrawal. Furthermore, in the discourse of trade policies, Stiglitz noted the importance of the North American Free Trade Agreement (NAFTA) to the American business community, which will not accept the US’s withdrawal.
Commending the UAE on its preparations for a post-oil era with a diversified economy, he said the solid governance framework and comprehensive strategy drive confidence and draw increased foreign direct investments.
Concluding his discussion, Stiglitz battered the bitcoin cryptocurrency as having no socially useful value with a virtually driven supply.