Friday, January 21, 2011

I like this guy Stoller

Matt Stoller, who was Alan Grayson's advisor (via NC):

The only way out of this box is to establish a new international order of trade, which both handles balance of payments problems effectively, ends the arbitrage of labor, and directs resources into common global problems like pollution, energy deficits, pandemics, and extreme poverty. This means, though, that the big banks simply must become less important. Trading flows have to be managed by trusted public entities, new business sectors that drive value from innovation must supplant the exist outsource predatory model, and workers must find representation in some sort of forum to allow them some economic power.

And this quote from Richard Fisher lifted from just-released 2005 Fed minutes is one for the history books:

“My most delicious irony is the fact that similarly dated Vietnamese debt now trades on a price basis richer, and on a yield basis lower, than that of Ford Motor Company. [Laughter]”

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