but joseph stiglitz says there are solutions. here's what he told us in our last episode: >> we have a tax system that reflects not the interest of the middle. we have a tax system that reflects the interest of the one percent. and i want to do is create a tax system that has incentives to create jobs. and if you tell a corporation, look it, if you don't create jobs, you're taking out of our system, you're not putting back, you're going to pay a high tax. but if you put back into our system by investing, then you can get your tax rate down. they're willing to take but not to give back. >> and now joseph stiglitz has come up with a plan for reform, a 27 page white paper for the roosevelt institute here in new york city, where he's a senior fellow. its proposals could make the tax code fair, address our fiscal problems, shrink inequality, and help rebuild our country. whatever else you do this summer, read it. then, this fall, ask the candidates for congress where you live if they have read it, too. joseph stiglitz, welcome back. >

>>> this week on "moyers & company," nobel laureate joseph stiglitz. >> our democracy is now probably better described as one dollar, one vote than one person, one vote. we have a tax system that reflects not the interest of the middle. we have a tax system that reflects the interest of the one percent. >> announcer: funding is provided by -- anne gumowitz, encouraging the renewal of democracy. carnegie corporation of new york, supporting innovations in education, democratic engagement and the advancement of international peace and security at carnegie.org. the ford foundation, working with visionaries on the front lines of social change worldwide. the herb alpert foundation, supporting organizations whose mission is to promote compassion and creativity in our society. the john d. and catherine t. macarthur foundation, committed to building a more just, verdant and peaceful world. more information at macfound.org. park foundation, dedicated to heightening public awareness of critical issues. the kohlberg foundation. barbara g. fleischman. and by our sole corporate sponsor, mutual of a

what isader look at coming up on the show, we are talking to joseph stiglitz.s hanging out with nobel laureates and other prominent persons. he is going to be talking macroeconomics. loose monetary policy and the fx on wealth distribution. very topical in this era. that seems to be where we are. very topical conversation right now. joseph stiglitz also on the council of economic advisers, developing a plan around the possibility of scotland. that will be a feature of the conversation as well. carlsberg, that stock under pressure today. down around 4% after the company said it no longer expects to see an increase in full-year profits. russia is very much at the center of things. russia and ukraine. they are losing market share in russia. how are they changing the russian business? what do they have to say about the sanctions environment that europe find itself in? we will talk all of that with the ceo of carlsberg. that is coming up on "the pulse ." >> anna will be hosting "the pulse" in about 10 minutes time. steve ballmer has resigned from microsoft's board. m

>>> next week on "moyers & company," the nobel laureate joseph stiglitz on tax reform as a key to american prosperity. >> we already have a tax system that has contributed to making america the most unequal society of the advanced countries. that doesn't have to be. we can have a tax system that can help create a fairer society. only ask the people at the top to pay their fair share. >> at our website, billmoyers.com, you'll find more excerpts from my conversations with maya angelou. that's at billmoyers.com. i'll see you there, and i'll see you here, next time. >> announcer: funding is provided by -- anne gumowitz, encouraging the renewal of democracy. carnegie corporation of new york, supporting innovations in education, democratic engagement, and the advancement of international peace and security at carnegie.org. the ford foundation, working with visionaries on the front lines of social change worldwide. the herb alpert foundation, supporting organizations whose mission is to promote compassion and creativity in our society. the john d. and catherine t. macarthur foundation, committed

david: hold on, joseph stiglitz just didn't say that coming out of nowhere. he knows what he is talking about. >> so do i. david: germany is in recession. -- italy is in recession. looks like they may go through some qe themselves. that is killing euro. there are strong headwinds, right. >>> exactly, there are strong headwinds. he knows what he is talking about. i have money on the line. i have money where my mouth is. i am short the euro, i think 1.30 might be a good target but i think there might be a bright horizon for the euro zone. germany has been shrinking, you're correct, there are recessionings going on but there are bright spots that will carry the day. gdp 1%, 1 and a quarter isn't spectacular but it is still growing. that is what i'm saying. i wouldn't say i would invest in their stock market now. i would rather get momentum in china, somebody actually going in the right direction. europe has a little troughing out to do but eventually they are going to go in the right direction. david: larry shover, good to see you my friend. john tuohey, and ste

joseph stiglitz they're speaking to bloomberg about europe's bumpy road to a caught -- recovery. still with our guest. thanks for sticking around. you are in his camp. >> to make some very good points. i do not always agree with some of his views but in this case the way to see the ecb is missing its target. we can disagree what exactly they can do about it that they're missing the target. not only now but in the medium term target. solutions. are they have been behind the curve for while. when every other major center was correct if they were behind the curve and now they are paying the price. >> the pmi data will back that up today. >> most likely it will be slightly weaker. what we have seen in the eurozone recently, soft data has been relatively ok but hard data has been very weak like the latest gdp numbers. >> you have downgraded your view on gross but you said there is a little blink of flight in some of these numbers. it comes down to what has dragged investment lower and that is supposed to be the good part of these numbers. inflation numbers have been disappointing in t

♪ ♪ >>> this week on "moyers & company," nobel laureate joseph stiglitz. >> our democracy is now probablyter described as one dollar, one vote than one person, one vote. we have a tax system that reflects not the interest of the middle. we have a tax system that reflects the interest of the one percent. >> announcer: funding is provided by -- anne gumowitz, encouraging the renewal of democracy. carnegie corporation of new york, supporting innovations in education, democratic engagement and the advancement of international peace and security at carnegie.org. the ford foundation, working with visionaries on the front lines of social change worldwide. the herb alpert foundation, supporting organizations whose mission is to promote compassion and creativityou

getting this huge mass of love which is it's pretty scary stuff but you know i saw something by joseph stiglitz on debt restructuring basically and what does this have to do with what william white was talking about earlier was think you know we're looking at potentially i think the stiglitz the one you're talking about is argentina argentina defaulted i. i think that we are looking at potential default even within the euro zone we already had one with greece right greece was actually upgraded by moody's very recently but nonetheless they still have a debt to g.d.p. government debt to g.d.p. of one hundred eighty percent this is higher than it was in argentina so the question is how are they going to be able to support this without some sort of backstop from the e.c.b. so i think that what what stiglitz was pointed out is that when it comes to sovereign debt restructuring is a messy thing the whole thing that happened with regard to the culture of get in on argentina makes it that much more difficult to have these restructurings because you're always going to have these holdouts how do you get

now nobel prize economist joseph stiglitz noted recently that it is trust more than money that makes the world go round so what can we do to restore trust in the system now that the n.s.a. spying scandal has cost us so much trust. we really know how to deal with the fact that we have to give powers lots of ways to invade our privacy invade our systems and we get that through transparency oversight and accountability right so we need to know what's being done what the n.s.a. is doing we need more transparency both the n.s.a. and other governments are probably not going to get that with other governments or the governments and russia and china are not going to be transparent to the same degree we need oversight you know in the u.s. i want more oversight by congress by regulatory bodies over both government and corporate surveillance and i want to count ability you know when. bung someone's head ache held accountable those three things in general or how we're going to restore trust and that the mistrust comes from the fact that we don't know what's going on. that was it noted cryptologi

stiglitz is joseph in germany for a meeting of nobel laureates.onathan ferro about the recovery in the u.s. and europe. >> monetary policy cannot be a substitute for these other policies. we tried it in the united states. monetary policy helped, but the u.s. economy is still weak. it's stronger than europe, but still, nobody would describe the u.s. as in a good position. >> in other words, the fed can only do so much. ward mccarthy, are you in agreement with the nobel laureate? can only dohe fed so much and it is doing what it can do. it helps a lot if the really dark days, but at the same time, we would be in a lot better shape if we had a coherent fiscal policy, which unfortunately we don't. that means the fed is carrying the ball on both sides. as we were talking about it earlier, some of the issues in the labor market really are structural in nature and could best be addressed with some type of retraining programs, but that falls under the fiscal 10. >> -- the fiscal tent. >> that would require government. you want to much. >> [laughter] it is

everybody knows who he is, it is joseph stiglitz. professor, thank you for joining us this morning.nce 2012, we look at market spreads have collapsed. now you seem to have the eurozone in a race to recession. italy back to recession. france on the cusp. do think we need a change of approach? >> i have thought that for several years. people said about a year and a half ago that it showed that the policies were working because europe was emerging from recession. thatsponse was, the fact the growth was so low had only changed the aspirations that the very low growth was proof that the policy was not working, that the high unemployment rate, 12% average, 25% unemployment rate in spain, 50% youth unemployment really was proof that the austerity policy was a dismal failure and should be recognized as such. >> what would you like to see happen now? eurozone.e in the countries,ividual but the banking union. the pace is too slow. they are focusing on supervision,, and depositing --, depositing. mmon depositing procedures. the policies have led to divergence. you need some kind of fiscal unio

we heard from joseph stiglitz yesterday.s also banging that drum, saying that monetary policy is no substitute for fiscal policy and structural changes. we have seen some, haven't we? what do we need to see more activity on? >> i was referring to france. few years, with a weak political leadership, it is really denting the potential to tap into the entrepreneurial spirit. we have to make difficult structural reforms. otherwise, the country is going to continue to drag relative to the rest of europe. i think generally throughout europe, weaker euro is going to help. probably more qe -- >> you think the euro is going weaker still? because of the divergent path between the fed and the ecb. >> exactly. clearly as we discussed earlier, yellen also has that global citizenship responsibility. notwill be careful about moving too drastically too quickly. in mind,ith that path the expectations of a weaker euro are going to remain. clearly, it is august. the are still above 50 on the pmi, which is positive. we have had the russian even

i want to mention my morning must-read which comes from professor joseph stiglitz of columbia university financial times. the u.s. should encourage foreign direct investment. get this, nine of the world's 20th fastest growing economies -- 20 fastest growing economies are in africa. the raging collegial battle. let's take you in the middle ground. who was right? jeff sachs, bill easterly, or just a glitz? -- joe stiglitz? >> bill easterly is right. joe is prescribing what industries need to be supported, as if he knows. i'm sorry, it is a joke. africa, where did progress come from? it came from places where economists have not figured it out. equity banking dipped. technologies, use it as a substitute to enforce banking and to transform micro finance. >> i get a lot of mail on this in support of jeffrey sachs, saying we have to find some form of public's prescription -- of the prescription through world bank and private enterprise. >> i'm not sure i agree with that. i don't disagree with professor stiglitz that value added processing of raw materials and agriculture is a great idea. ghana

from theare some sound economist, joseph stiglitz and get your reaction. >> monetary policy cannot reallyhese other policies. they tried it in the united ,tates, monetary policy helped but the economy, the u.s. economy is still weak and stronger than europe but still nobody would describe u.s. as in a good position. >> he is making the case for more government involvement and that the fed has done all it can. do you agree that the fed is out of tricks? >> they can always reinitiate their qe programs. tapering has not had an effect on interest rates. janet yellen has said they can always go back and initiate another qe program in the united states. the gdp growth has been relatively weak. and that is the real gdp growth has been week because inflation has ticked up a little recently. nominal gdp growth is trying to accelerate into four percent which is ok but not great. a 4.5% nominal gdp growth should mirror what revenue growth is. if we start to see revenue growth in that range for companies in the united states, that is double what we have been seeing recently. most of that should fall