Self-Motivation
David Goggins
Former Navy Seal
Career Development
Bryan Cranston
Actor
Critical Thinking
Liv Boeree
International Poker Champion
Emotional Intelligence
Amaryllis Fox
Former CIA Clandestine Operative
Management
Chris Hadfield
Retired Canadian Astronaut & Author
Learn
from the world's big
thinkers
Start Learning

Joseph Stiglitz on How Foreign Governments Are Buying America

Card: What’s wrong with foreign investment?

Stiglitz:    Well, you know, when Merrill Lynch and Citibank had a problem at… earlier on in the crisis, they turned to foreign sources of funds including The Sovereign Wealth Funds, they had to, you know, with Americans saving zero, there is no liquid wealth in the United States, they turn… turned abroad.  And that was a point where people started worrying about, you know, we have been telling people all over the world, open up your markets to our firms but when foreigners started coming to American markets, people got a little bit nervous about this.  Now, the first observation is, I think, the Sovereign Wealth Funds had been [lost] enough in their investments in American financial markets that they’re going to be reluctant whatever we say to put more money in to the United States and, you know, you say, “Burn once, your problem.  Burn twice, it’s my problem.”  You know that they have to take better diligence and they know they can’t, you know, understand… trust what’s going on.  Now, I can… I’ve talked to the heads of [IB] Sovereign Wealth Funds and quite honestly, they’re quite angry.  For the United States to be talking about transparency when you see what’s going on in American’s financial markets, you see the way the government’s been bailing out with such a non-transparent way, they say, you know, “C’mon!”  Talk about hypocrisy, let’s be real here.  Now, as an economist, my perspective is the following:  it’s obviously good to have more transparency but we aren’t putting, you know, hedge funds are not transparent.  If we say that Sovereign Wealth Funds had to be more transparent and they’re not transparent enough, the Sovereign Wealth Funds can put their money on hedge funds, we don’t know who’re investing in hedge funds.  So this is all a charade… this is all a charade to make people feel like we’re doing something.  Now, what we need to think about is what are we worried about?  What are worried about?  If the Sovereign Wealth Fund comes in and invest in a company and loses money, well, you know, is that a problem?  [There’s] a Japanese back in the ‘80s bought Rockefeller Center and lost a lot of money in the deal, was that a problem?  There are some things that we need to worry about.  If somebody buys… establishes a monopoly position, that’s a problem.  If somebody buys, you know… one of the really weird things that we did is we privatized the US Enrichment Corporation which makes the critical ingredient in atomic bombs and [enriched uranium].  We should fill nervous about having somebody owning that facility.  But the answer is, we need regulations to protect us so it’s not the lack of transparency by the Sovereign Wealth Fund, it’s the lack of adequate regulations in the United States to protect us from the things that we are worried about.  If we’re worried about monopoly, let’s have [IB] laws and I think we need strong [IB] laws.  If we’re worried about US Enrichment Corporation pursuing profit, maximizing objectives, we should never have privatized this ‘cause profit maximizing is not consistent with our national interest.  The profit maximizing is selling it to the high… this enriched uranium to the highest bidder.  I don’t think we want that.  So that was a mistake to privatize that, we should make it, you know, not a profit maximizing entity.  So these are the things that we ought to be thinking about, what it is that we’re worried and deal with the things about which we are worried.

Joseph Stiglitz on the problem of sovereign wealth funds.

Live on Tuesday | Personal finance in the COVID-19 era

Sallie Krawcheck and Bob Kulhan will be talking money, jobs, and how the pandemic will disproportionally affect women's finances.

Bubonic plague case reported in China

Health officials in China reported that a man was infected with bubonic plague, the infectious disease that caused the Black Death.

(Photo by Centers for Disease Control and Prevention/Getty Images)
Coronavirus
  • The case was reported in the city of Bayannur, which has issued a level-three plague prevention warning.
  • Modern antibiotics can effectively treat bubonic plague, which spreads mainly by fleas.
  • Chinese health officials are also monitoring a newly discovered type of swine flu that has the potential to develop into a pandemic virus.
Keep reading Show less

Education vs. learning: How semantics can trigger a mind shift

The word "learning" opens up space for more people, places, and ideas.

Future of Learning
  • The terms 'education' and 'learning' are often used interchangeably, but there is a cultural connotation to the former that can be limiting. Education naturally links to schooling, which is only one form of learning.
  • Gregg Behr, founder and co-chair of Remake Learning, believes that this small word shift opens up the possibilities in terms of how and where learning can happen. It also becomes a more inclusive practice, welcoming in a larger, more diverse group of thinkers.
  • Post-COVID, the way we think about what learning looks like will inevitably change, so it's crucial to adjust and begin building the necessary support systems today.
Keep reading Show less

How DNA revealed the woolly mammoth's fate – and what it teaches us today

Scientists uncovered the secrets of what drove some of the world's last remaining woolly mammoths to extinction.

Ethan Miller/Getty Images
Surprising Science

Every summer, children on the Alaskan island of St Paul cool down in Lake Hill, a crater lake in an extinct volcano – unaware of the mysteries that lie beneath.

Keep reading Show less

Why is everyone so selfish? Science explains

The coronavirus pandemic has brought out the perception of selfishness among many.

Credit: Adobe Stock, Olivier Le Moal.
Personal Growth
  • Selfish behavior has been analyzed by philosophers and psychologists for centuries.
  • New research shows people may be wired for altruistic behavior and get more benefits from it.
  • Times of crisis tend to increase self-centered acts.
Keep reading Show less
Quantcast