Theglobalfinancialcrisishas exposedthedeficienciesofthe existinginternationalsystem. There is broad consensus to reform it and importantprogress has been made in this regard.
Goolsbee, along with dogmatic reactionaries such as Paul Krugman, studiously ignore the implications ofthe utterly damning critique ofthe fiduciary currency system by The Bank of England last December in its paper titled ReformoftheInternationalFinancialSystem.
Stiglitz was chair ofthe Commission on the Measurement of Economic Performance and Social Progress in 2008 and last year was appointed to the United Nations General Assembly as chair ofthe Commission of Experts on ReformoftheInternationalFinancial and Monetary System.