Stiglitz, Nobel Prize-Winning Economist, Says Federal Reserve System 'Corrupt'

One of the world's leading economists said Wednesday that the very
structure of the Federal Reserve system is so fraught with conflicts
that it's "corrupt."

Nobel laureate Joseph Stiglitz, a former chief economist at the
World Bank, said that if a country had applied for World Bank aid
during his tenure, with a financial regulatory system similar to the
Federal Reserve's -- in which regional Feds are partly governed by the
very banks they're supposed to police -- it would have raised alarms.

"If we had seen a governance structure that corresponds to our
Federal Reserve system, we would have been yelling and screaming and
saying that country does not deserve any assistance, this is a corrupt
governing structure," Stiglitz said during a conference on financial
reform in New York. "It's time for us to reflect on our own structure
today, and to say there are parts that can be improved."

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