in the US deficit, which has a role to play in the rising oil prices a few months ago. What was the impact of this oil price raise on the precipitation of the economic crisis. Only economists of your calibre can work this out. Please let us know. The US dollar has a monopoly on the global petro trade. This is a stifling grip on the world economy, and the rest of the world ends up paying for the misadventures of American politicians. This is highly unfair. Especially, when the resulting economic crisis results in capital flight from the developing world to the USA. None of the economic crisis is of the making in the third world. But poor people (hardworking too, I must add) end up paying the biggest price for this. Why !! ? I too share concerns that Mr Stiglitz knows more than he is letting on. For some time now he has been aware of the failings of the various bodies and their interventions in the globlal economies, so much so that I am surprised he is not suggesting more far reaching measures to overcome the problems. In my opinion there is not much worth saving from the existing systems and with the inevitable contraction in all countries maybe now would be the time to restucture in order to better direct recovery in developing nations which won't leave them indebted but with nothing to show for it, much like the UK. If the notion of global