Bad advice

Stiglitz Says Europe Faces `Disastrous' Budget Austerity Drive

By Paul Abelsky and Agnes Lovasz - Feb 2, 2011 12:53 PM GMT-0200

"... Many European countries are pursuing “excessive austerity,” risking a marked slowdown in economic growth, Nobel Prize-winning economist Joseph Stiglitz said.
“There’s this disastrous policy that even in the countries that don’t need to have austerity,” such as the U.K., they “are going for much more excessive austerity than they need,” he said at an investor conference in Moscow today. “We are already seeing around Europe the consequences of this austerity. The clear implication is that growth will be slower.”
European governments are stepping up efforts to narrow budget deficits after the region’s sovereign-debt crisis threatened to trigger defaults and undermine the euro. Leaders are considering boosting the 750 billion-euro ($1 trillion) rescue fund and adopting more stringent deficit rules to avoid the future turmoil after rescues of Greece and Ireland...
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Comment: Instead of hiding in shame as a representative of those who promoted the degeneration of economics, this preacher of evil goes around the world to spread his bad advice.