Stiglitz urges South Africa to take action to weaken rand

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Joseph Stiglitz, economics professor at Columbia University and a recipient of the Nobel Memorial Prize in Economic Sciences, has once again encouraged South Africa to take a more interventionist stance to weaken its exchange rate, saying that commodity-rich countries are correct to actively respond to the threat posed by over-valued currencies.

Source: CMTV (via YouTube), January 17, 2011 (hat tip: Financial Doom Blog).

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