[NYTr] Nobel Laureate Economist Praises Chavez Plans for Bank of the South Date: Thu, 11 Oct 2007 17:49:19 -0500 (CDT) Via NY Transfer News Collective * All the News that Doesn't Fit excerpted from VIO Venezuela News Rondup - Oct 11, 2007 [President Chavez met with Nobel Prize-winning economist Joseph Stiglitz in Caracas yesterday, who praised plans to create a regional development bank, the "Bank of the South." Stiglitz, who is known as a critic of international lending organizations, was in Venezuela to participate in a forum on emerging markets. Speaking last Thursday, he commented that Venezuela has stood out in recent years for its remarkable progress in making oil revenues directly benefit citizens. Stiglitz also stated that "The key to success is finding the right balance between the private sector and the government, which is different for each country." -VIO] AP via Intl Herald Tribune - October 10, 2007 http://www.iht.com/articles/ap/2007/10/11/america/LA-FIN-Venezuela-Nobel-Laureate.php Nobel laureate praises Chavez's plan for South American bank The Associated Press CARACAS, Venezuela: Nobel Prize-winning economist Joseph Stiglitz said Wednesday that Venezuelan President Hugo Chavez's plan to create a regional lending bank will be beneficial for South America. The former World Bank economist said the Bank of the South, due to be founded in Caracas next month, is an important initiative aimed at helping boost Latin America's development. "It is a good thing to have competition in most markets, including the market for development lending," the American economist told reporters during an economic forum. He said the World Bank and International Monetary Fund tend to lay down many conditions that "hinder the development effectiveness." "One of the advantages of having a Bank of the South is that it would reflect the perspectives of those in the South," said Stiglitz, who met with Chavez. Chavez has touted the bank, supported by a group of South American governments, as a counterweight to U.S. influence and a way for the region to chart its own economic course. Stiglitz, who won the Nobel Prize for economics in 2001, also criticized U.S. trade agreements with Colombia and other countries. "It is undermining the Andean cooperation, and it is part of the American strategy of divide and conquer, a strategy trying to get as much of the benefits for American companies," and little for developing countries, he said. *** Bloomberg - Oct 10, 2007 http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aqop3ptj2ktg Stiglitz, in Venezuela, Pushes Public-Private Balance By Matthew Walter Bloomberg Joseph Stiglitz, a Nobel economics laureate visiting Venezuela, said developing nations must strike a balance between public and private control of the economy. After meeting in the presidential palace with Venezuelan leader Hugo Chavez, Stiglitz praised the South American country's success at distributing its oil income among citizens. He urged the government to ensure its economic policies are leading to sustainable growth. ``What's fundamental is to have a balance in the role of the market and the government in the economy,'' Stiglitz said at a forum on emerging markets sponsored by a local bank. ``We have to realize it's not just about setting interest rates, but also about supporting growth.'' The Nobel Prize winner said Venezuela's economic growth in recent years has been ``impressive.'' Chavez, a critic of the U.S. government and a self-described foe of capitalism, has cited Stiglitz in speeches this year warning about the U.S.'s ``irresponsible'' economic policies. Venezuela, the fourth-biggest supplier of crude oil to the United States, had an 8.9 percent economic growth rate in the second quarter, its fifteenth straight quarter of expansion. Increased consumer demand and government spending has pushed inflation to 15.3 percent, the highest in Latin America. Stiglitz said during his speech today that relatively high inflation isn't necessarily harmful to economic growth, and that central-bank autonomy shouldn't be ``excessive.'' Bank Autonomy Chavez plans to formally do away with the Venezuelan central bank's independence later this year through a rewrite of the constitution. Stiglitz praised China's and India's success in reducing poverty and maintaining economic growth, and criticized Brazil's high lending rates during his presentation. He said Venezuela has managed its oil boom better than Russia. The economist's trip to Caracas follows a series of high- profile visits from U.S. citizens interested in the South American nation's so-called ``Bolivarian'' socialist revolution. Actors Kevin Spacey and Sean Penn visited Caracas earlier this year and were received by President Chavez. Actor Danny Glover is co-starring in a film sponsored by the Venezuelan government called ``Miranda Regresa,'' about the life of Latin American revolutionary hero Francisco de Miranda. The movie opens in Caracas theaters Oct. 12. Stiglitz, who won the Nobel Prize in economics in 2001, chaired the U.S. Council of Economic Advisers under former U.S. President Bill Clinton. He is a professor at Columbia University. *** El Universal - October 10, 2007 http://english.eluniversal.com/2007/10/10/en_eco_art_president-chavez-mee_10A1123081.shtml President ChC!vez meets with Nobel Prize Laureate Venezuelan President Hugo ChC!vez welcomed Professor Joseph Stiglitz on Wednesday in his office at Miraflores presidential palace. Stiglitz, the winner of the Nobel Prize in Economics in 2001, is presently on visit in Venezuela to take part in a forum on "Strategies for emerging markets." ChC!vez and Stiglitz exchanged ideas and views on the situation of economics, funding agencies, global markets and the behavior of global pointers, among others, state-run news agency ABN reported. Minister of Finance Rodrigo Cabezas and chair of Banco Venezuela, Michell J. Goguikian attended the meeting. Stiglitz, born in the United States in 1943, is a renowned economist, author and critic of international lending organizations. * ================================================================= NY Transfer News Collective * A Service of Blythe Systems Since 1985 - Information for the Rest of Us Our main website: http://www.blythe.org List Archives: http://blythe-systems.com/pipermail/nytr/ Subscribe: http://blythe-systems.com/mailman/listinfo/nytr =================================================================