Stiglitz in Japan

I'm afraid that the Nobel Laureate's pronouncements on globalisation normally leave me cold, now in Japan I find him saying things which are not only simplistic, but also just plain wrong (for reasons which I have explained, as they say, far too many times already: eg here or here ).

Joseph Stiglitz, winner of the 2001 Nobel Prize in Economics, said Wednesday the Japanese government should print money and weaken the yen to combat deflation and revive the economy. Money printed by the government, in addition to the Bank of Japan (BOJ), could be used to cover part of government debts and inject capital into banks, Stiglitz told a seminar held at the Finance Ministry. Brushing aide concerns that the proposed move could cause hyperinflation, the economics professor at Columbia University of the United States said the government's printing of money to a proper extent would result in favorable inflation.
Source: Japan Today
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