Troubles ahead for world economy

Troubles ahead for world economy the 7.30 Report. Transcript of interview with Joseph Stiglitz.

Joseph Stiglitz is a Nobel laureate, a former chief economist of the World Bank and he chaired Bill Clinton’s presidential council of economic advisors.  His latest book, ‘Freefall’, is a worrying critique of the root causes of the Global Financial Crisis, and despite President Obama’s recent banking reforms, he says it could happen again. He’s also predicting another US economic slowdown. The veteran economist is on a lecture tour in Australia and I spoke with him in Brisbane today.

Joseph Stiglitz, if we can start with an up-to-date appraisal of the US economy: what is the state of the economy right now?

JOSEPH STIGLITZ, GLOBAL ECONOMIST: In a single word, weak, ah, and probably going to get weaker.

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