-- European governments made a “wrong bet” by pushing for austerity after the global recession, resulting in slower economic growth for the region and the U.S., Nobel Prize-winning economist Joseph Stiglitz said.
“Europe has made a wrong bet with austerity,” Stiglitz, 67, told reporters today in Budapest. If Germany, the U.K. and France remain committed to budget cutting, “that will have systemic consequences for the entire Europe.”
Europe’s economy is at risk of sliding back into recession as governments reduce spending to rein in budget deficits, Stiglitz, a former chief economist at the World Bank and now a professor of economics at Columbia University in New York, said in an interview with Dublin-based RTE Radio on Aug. 24.
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Comment: On which planet does Stiglitz live? Where did he learn such distorted economics that he is preaching now? With professors like him it is no wonder that many students leave college more or less braind-damaged. Decline begins in the head and with people like Stiglitz or Krugman we can be sure that American academia is doomed - at least when it comes to economics.
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