Neoliberalism? Stiglitz, you’ve got to be kidding.

1988, while Ronald Reagan and Margaret Thatcher still governed, bank regulators, the Basel Committee, introduced risk weighted bank capital (equity) requirements with decreed risk weights of 0% government – 100% citizens. 

And now so many nations, including the US, since needing to take on more public debt to be able to service their outstanding public debt, have de facto become zombie nations.

The world has landed up in the hands of a Bureaucracy Autocracy which, as usually all statism does, has a close and friendly working alliance with some big corporations. “You scratch my back and I'll scratch yours.” There’s absolutely no free market or a Washington Consensus there.

Yet, Joseph Stiglitz, amazingly, dares write: “We’ve now had four decades of the neoliberal ‘experiment’,

When Nobel laureate Stiglitz suggests a “progressive capitalism”, why do we not start by asking him what he opines on how all current public debt has trickled down to the economy?

Stiglitz has titled his book “The Road to Freedom”. I’ve lived many decades convinced we are on Friedrich Hayek’s “The Road to Serfdom”. E.g., just see how, during Covid, while not opposing herd immunity, the apparatchiks seemed more interested in advancing herd docility. 

When I hear about e.g., central banks digital currency CBDC, and digital identity cards, I truly fret for the future of my grandchildren. Don’t you?