Joseph Stiglitz: Is Mercantilism Doomed to Fail? And With It the US Dollar?

This is Joe Stiglitz' presentation at the INET conference in Berlin last week. He speaks about mercantilism, and I added the tagline about the dollar.

The one point I wish to make emphatically is that only under a fiat currency trade system can these large deficits and surpluses be created, in the same manner as the debt bubbles, and asset bubbles.

This is not a new idea, of the natural