Monday, March 9, 2009

How to fail to recover the economy


America provides important lessons to countries around the world facing increasing problems with their banks

Joseph Stiglitz
guardian.co.uk, Sunday 8 March 2009

"......The era of believing that something can be created out of nothing should be over. Short-sighted responses by politicians – who hope to get by with a deal that is small enough to please taxpayers and large enough to please the banks – will only prolong the problem. An impasse is looming. More money will be needed, but Americans are in no mood to provide it – certainly not on the terms that have been seen so far. The well of money may be running dry, and so, too, may be America's legendary optimism and hope."

No comments: