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Friday, April 20, 2007
What You Missed: Soros, Stiglitz and Sachs

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Financier George Soros and Columbia University professor Joseph Stiglitz, former Senior Vice President and Chief Economist of the World Bank

Sean Crabtree of the blog A Canadian In New York offers his notes from Tuesday’s sold-out talk, “America: How They See Us,” with George Soros, Joseph Stiglitz and moderator Jeffrey Sachs.

[M]uch of the dialogue focused on the U.S.’s role in the world, and general consensus was that we should be doing more. More Foreign Aid. More on Global Warming. More on Darfur. More in Free Trade. And by “More”, they mean “Taking a Leading Role In.” Heart-warming thoughts to be sure, but best coming from those lips. Iraq: “We’re there, but not in charge.” and “We need to be an example of peace.”

Many times the economic consensus was that the U.S. should strive for what the Scandinavian countries have achieved in Health Care, Education, and Social Services. Most pointedly in Childcare: 1% of the GDP is solely earmarks those purposes so as to free people up and allow them to move forward in their careers, and thus economically. Good for them, good for the country. The State is essentially investing in their people, and their country re-invests in the State.

George Soros’ reaction to health care: “The Single Payer System is the way to go; it alone will save 20-25% of admin costs, alone.” Joseph Stiglitz’s reaction to health care: “The Bush Administration has hamstrung the health care system by passing a bill that does not allow doctors to negotiate with the Drug Companies over medication costs.”

Simply stated, “The E.U. is doing more [for] the global society, and are better at being global citizens for the sake of doing the right thing because it needs to be done. The U.S. needs to catch up!”

Mr. Soros on Philanthropy: “It’s much harder to give away money efficiently, than it is to make it. Unfortunately, there is no reliable method of measurement to gauge its effectiveness.” He had found this inability to measure success “quite frustrating”. His comments brought up a tenet of eastern philosophy: Act without attachment to results. Of course, this is incredibly hard, and we are all human. But it’s very easy to see how so much suffering is caused by the very disappointment in results that originated as a pure, hopeful idea that we strove to produce.

Closing thought: “The economics of globalization has outpaced the politics of globalization.”

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