Joseph Stiglitz, Nobel Prize-winning economist, has made the claim that bitcoin ‘ought to be outlawed,’ at a time when the digital currency is experiencing record highs.
In a Bloomberg Television interview, the 74-year-old American economist and professor at Colombia University, said:
It seems to me it ought to be outlawed. It doesn’t serve any socially useful function.
His comments come at a time when bitcoin is continuing to surpass expectations from all sides. Just yesterday, it was reported that the digital currency has passed the historic $10,000 milestone and today it went even higher to reach over $11,000 for the first time, pushing its market total to $185 billion.
Yet, despite these record achievements, Stiglitz is of the opinion that the only reason the digital currency is doing so well is down to the fact that it has the ‘potential for circumvention, lack of oversight.’
It’s a bubble that’s going to give a lot of people a lot of exciting times as it rides up and then goes down.
Stiglitz has, in the past, expressed his views about the digital currency, stating in 2016 that the U.S. government had ‘shut down‘ bitcoin. At the time, he said:
The main use of bitcoin has been to circumvent tax authorities and regulation. I think the U.S. government did the right of thing of shutting or trying to shut it down and I think effectively…it has done that.
Interestingly, since then his outlook toward the crypto market has somewhat shifted, if only slightly. In January, while speaking at the World Economic Forum’s Annual Meeting in Davos, Switzerland, he said that the U.S. should phase out fiat currency and move toward the use of digital currencies.
The topic of discussion at the time focused on the issue of corruption, tax evasion and tax avoidance. According to Stiglitz, the phasing out of money and introducing digital currency has ‘benefits that outweigh the cost,’ in the long term.
Harvard professor and economist Kenneth Rogoff has also said that cash provided the ideal avenue for tax evasion, and that the time was now to reduce fiat money.
No doubt Stiglitz’s most recent comments will raise a few eyebrows, and is unlikely to go down well bitcoin enthusiasts; however, given the upward trajectory that the digital currency is currently on, it’s not likely that it will have much impact on where the market is heading.
(N.Sethu)
Norway’s 80-year-old King Harald was released from hospital on Monday after being treated for three days for an infection, and is in “fine form”, the palace said.
King Harald V of Norway has been hospitalized, reported the press service of the Norwegian royal family.

Katharina G. Andresen, a Norwegian heiress,

As the war against the Islamic State in Iraq is coming to an end and Iraq faces the daunting task of rebuilding a divided nation, the Norwegian Refugee Council (NRC) warns that the plight of millions of displaced risks being neglected.
“Tibetans may have lost their country but we will regain our freedom one day. This may take time but as long as we connect from the beginning to the end, you reach the end where you we succeed. However, if there is no ‘connector’ the bridge collapses in the middle and you don’t reach the end,” said Tibetan President Dr Lobsang Sangay to an audience of Tibetans and supporters on November 12 in Norway, encouraging them not to give up the struggle.
Oslo, Norway 13 November 2017 – Tomorrow, environmental organisations Greenpeace Nordic and Nature and Youth take on the Norwegian government in court for opening up new areas in the Arctic to oil drilling. They are arguing that drilling for oil violates the Paris Agreement as well as the Norwegian constitution. Winning the case could set a precedent for future climate cases around the world.
UNDP Sri Lanka Country Director, Jorn Sorensen and the Ambassador of Norway to Sri Lanka Thorbjørn Gaustadsæther signed a partnership agreement to extend the Government of Norway’s support to the recently resettled communities in the Jaffna
Barnevernet, Norway’s child protection services, is notorious for its high-handed practices and its role in countless cases of child confiscation, serving as a brutal reminder of our history’s worst nightmares.
Norway takes delivery of first three F-35A Lighting II aircraft from the US firm Lockheed Martin in a ceremony at Ørland Air Base, on Friday.
Individuals, organizations and commercial companies have a responsibility to promote ethical social media use, according to creators of a new Social Media Guide for volunteers and travellers.
A suspect in the case of a couple who went missing in Busan in May 2016 was arrested in Norway in August.
‘The humanitarian situation in parts of Ethiopia is dire as a result of long-term drought. Norway is now providing a further NOK 10 million in aid to people in need, and will consider providing additional support on an ongoing basis,’ said Minister of Foreign Affairs Ine Eriksen Søreide.
Today the Norwegian Crown Prince and Crown Princess begin their three-day long official visit to Ethiopia. The Norwegian Royal Court confirmed that the Crown Prince Couple arrived in Ethiopia yesterday and are ready to start their tour today. The visit is hosted by Ethiopia’s President Mulatu Teshome.
In a first of its kind in the country, a Norwegian man has received a six-month jail term for purchasing a child-like sex doll online.
3 Norwegian novels are among 150 titles that have been nominated by libraries worldwide for the €100,000 International DUBLIN Literary Award, the world’s most valuable annual literary prize for a single work of fiction published in English. Nominations include 48 novels in translation with works by authors from 40 countries in Africa, Europe, Asia, North America & Canada, South America and Australia & New Zealand.
The 2018 Judging Panel comprises Xiaolu Guo, Chinese British novelist, essayist and filmaker; Nicky Harman, translator and co-Chair of the Translators Association; Courttia Newland, novelist and associate lecturer in creative writing at the University of Westminster;Mpalive Msiska, author and Reader in English and Humanities at Birkbeck, University of London and Vona Groarke, Irish poet and Senior Lecturer at the University of Manchester. The non-voting Chairperson is US Judge, Eugene R. Sullivan.

On Saturday, recovery vessel Maersk Forza and its remotely operated vehicles recovered the wreckage of a Russian-registered Mil Mi-8AMT that crashed offshore near Barentsburg, Norway, on October 26 with eight aboard. Searchers recovered the fuselage, rotor and separated tail of the helicopter. Cockpit voice recorder and GPS units were recovered and sent to Moscow for analysis, but the search for the flight data recorder is ongoing. None of the helicopter’s occupants were recovered.
Norway rejected Azerbaijan’s application for the purchase of defense equipment in 2016, the country’s parliamentary report on arms export for last year revealed.
Police spokesman Svein Arild Joerunland told Norwegian daily Nettavisen that the suspect has admitted to firing two to three shots Sunday morning, adding “I can say that this has nothing to do with terror or something like that.”
An Estonian woman in her 20s was caught carrying approximately 2 kg of hashish on the Norwegian-Swedish border, Norwegian public broadcaster NRK reported.
The 2018 World Counter Terror Congress (