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

be so i think that 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. get in on argentina. it's about much more difficult to have these restrictions because you're always going to have these holdouts how do you get rid of that public. so the concept that you can go from private and then keep it on to the public bell to the way that irene is done and i'm sorry we got to go i'm sure this will be the last time we talk about that thank you so much that's all for now please check out our facebook page facebook dot com slash from both parties please tweet out us out erin aid at edward n.h. from all of us here members thank you for watching we'll see you next time. i just want to keep building the allowing saudi arabia qatar and iran to fund millions and millions of pounds worth of the building of mosques in this country where they have them addresses where we have a hundred thousand four to sixteen year old children who have been schooled in these mature says which is encouraging complete non

so i think that 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 vulture funds getting in on argentina makes it. it's more difficult to have these restructurings because you're always going to have these holdouts how do you get rid of that public debt so the concept that you can go from private debt and then keep it on to the public belted the way that irene has done and i'm sorry we got to go i'm sure this will be the last time we talked about that thank you so much that's all for now please check out our facebook page facebook dot com slash boom bust our t. please tweet at us at erin aid at edward and it's from all of us here have been best thank you for watching we'll see you next time. waters do you have the palm of me because. i saw you spread all over. food you have a new will cross that drowns out in the tissue inquiry furthermore tells restrictions. really knows what's inside the feeling. clean more zero casualties war this is the great fantasy of war mongering politicians. capt

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 vulture funds get in on argentina. it makes it much more difficult to have these restrictions because you're always going to have these holdouts how do you get rid of that public. so the concept that you can go from private and then he put on to the public balance sheet the way that irene is and i'm sorry we got to go i'm sure this will be the last time we talk about that thank you so much that's all from now please check out our facebook page facebook dot com slash boom bust our t. please tweet at us at erin aid at edward and it's from all of us here going bust thank you for watching we'll see you next time. well. it's technology innovations all the developments around russia. the future of coverage i'm happy martin the stories we cover here we're not going to hear any other big story headlines and talk there's a reason they don't want you to. leave now let's break the set. the strategy. and the strategy of america in

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. getting it all in argentina makes it much more difficult to have these restrictions because you're always going to have these holdouts how do you get rid of that public. so the concept that you can go from private debt and then keep it on to the public belted the way that iran is and i'm sorry we got to go i'm sure this won't be the last time we talk about that thank you so much that's all for now please check out our facebook page facebook dot com slash boom bust our t. please tweet at us at aaron aid at edward and it's from all of us here to invest thank you for watching we'll see you next time. technology innovation all the developments from around russia. the future. the strategy of china in africa is to build stuff and the strategy of america in africa is to bomb stuff so i think the africans are thinking you know i think we go with the belt stuff rather than the bomb stuff and the us is running out of bombs. clean more zero casualties war this

this huge massive beloved you know 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 you know was think you know we're looking at potentially i think the stiglitz the one you're talking about is in argentina so argentina defaulted and 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. 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. be so i think that what what stiglitz is 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 getting it all in argentina makes it much more difficult to have these restructurings because you're always going to have these holdouts

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

-- joe stiglitz? >> bill easterly is right.ing 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, they send the tomatoes to china or indonesia to process them. but prescribing and trying to centralize the decision-making, whether it be in washington or cairo, it does not make sense. let it happen on the ground. >> the ghana story is further evidence on this. in myht a case on ghana class last year. , whatint of the case was a swiss cheese for the governme

stiglitz, nobel economist, joseph stiglitz, specifically had to say about monetary policy in europe will>> the reality is, when you're at about 5% of a larger political entity, your voice eu't heard, just like in the . yes, it's nice that greece gets a vote. that greece isk actually driving the policies of the ecb? that if voice is very important? -- that it's voice is very important? the reality is that the voices of the larger countries are heard much more strongly. >> what is driving policy in the eu? in a the eu, they are worse state than we are in the u.s., frankly. to get their act together and get some type of fiscal policy that is similar to what the u.s. did in the early days. in the early days of the u.s., we were under the articles of confederation. there was no way for the government to raise finances. that is what is happening in europe now. they need to change that. >> ward mccarthy, economist at jefferies with us for the hour. that brings us to the twitter question of the day. we want to ring you back to the united states with jackson hole beginning. it said policy helping

>>> 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

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

greece and spain and italy and then the you know the the academic economists people who've been in stiglitz. and there would be any another as they say you know you want to break out of the euro go back to your old currency devalue a currency that's all nonsense first of all it's not good economics you can lower unit labor costs internally you don't have to do it through cheapening your currency effectively your currency only gets you inflation so it's bad economics but apart from that if you look at opinion polls forget about politicians but look at what the people of greece italy spain portugal say they love the euro because they know that if they went back to their old currencies the governments would devalue it and steal their savings so the people like erode germany like the earth germany's providing the leadership i like to say that merkel's the only head of state who understands economics because she's not an economist. that was author a columnist and boom bust all star jim rickards. time now for a very quick break but stick around because when we return our key correspondent manilla

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