<a href="http://stephenfoley.independentminds.livejournal.com/1524.html">Stephen Foley: Stiglitz advice to Obama - Direct cash to the states</a>

Just had a fascinating conversation with Joseph Stiglitz, Columbia University’s Nobel prize-winning economist, who doesn’t sound at all like someone who thinks that sterling is doomed to collapse against the dollar. If anything, he thinks the severity of the crisis in the US financial system is being masked by the fact that the Federal Reserve is the main bail-out engine, rather than the government itself, with its more easily-measurable debt.