Nobel laureate Joseph Stiglitz says European Union austerity will prolong global economic downturn

[Better Believe It]

Nobel laureate Stiglitz says EU austerity is wrong bet
BUDAPEST, September 7, 2010 (Reuters)

The European Union will prolong the global downturn if policymakers in the bloc's big economies insist on austerity measures to cut budget deficits, Nobel Prize winning economist Joseph Stiglitz said on Tuesday.

Stiglitz, winner of the Nobel Prize for Economics in 2001, said austerity as a policy to end the global crisis was a 'disaster', adding that Europe was heading towards more economic difficulties if politicians meant what they say when they promised to cut back spending rather than just trying to calm down markets.

'If that (austerity) happens I think it is likely that the economic downturn will last far longer and human suffering will be all the greater,' he said.

'In spite of all that evidence there is a drumbeat, particularly from many of the economists who were responsible for the crisis ... to focus on austerity,' Stiglitz told reporters on the sidelines of a conference.

Read the full article at:

http://www.lse.co.uk/FinanceNews.asp?ArticleCode=9edltlv0qim51aq&ArticleHeadline=Nobel_laureate_Stiglitz_says_EU_austerity_is_wrong_bet

[prolesunited]

1. The human suffering may be all the greater

but the global corporate profits will be all the BIGGER. If you are not rich, your life means nothing.

[OHdem10]

2. Did it ever cross these so called Leaders minds to take a serious

look at their Free Trade Policies? This is the basis of Globalization
crisis. This Austerity Plan appears to be the greedy top earners
trying to avoid having to support any social safety net. Cut Benefits
Cut workers hours, or lay off workers, then make cuts within
the safety net itself. There are already rumblings out of UK and
France. Some are beginning to question Capitalism itself. There
will be more troubles before it is over.

Common sense says Austerity Measures before the World has recovered
is doom. Common sense says if they do not examine and adjust
their trade policies, they will continue to sink.

[earth mom]

3. Everyone should question Capitalism. It sucks.

It's good that people are finally waking up to see how much corporations and wall street have screwed us all.

[JoseGaspar]

4. BBI, you are cutting like a knife through the prevailing fog...

Your posts are the first thing, and sometimes the only thing, I look at when I hit DU.

Keep it up and kudos.

[HiFructosePronSyrup]

5. lol

[JoseGaspar]

6. And you are not, Mr. Meatball...

You are a regular fog machine.

[HiFructosePronSyrup]

7. Thank god for that.

There's one club I wouldn't want to be a part of.

[JoseGaspar]

8. No worries...

You are not invited.

I must be Fructose intolerant.

[HiFructosePronSyrup]

9. Among many other things, I'm sure.

[JoseGaspar]

10. Certainly...

One of those things is how particularly important threads, like this one, drop like a stone while "Tweety just said ***" is the source of endless fascination.

I thought this thread needed a little attention. I thank you for your help.

I am in your debt.