Monday, May 11, 2009

Green shoots? Don't speak too soon

In spite of some spring sprouts in the US economy, we should prepare for another dark winter

Joseph Stiglitz, Monday 11 May 2009

"As spring comes to America, optimists are seeing "green sprouts" of recovery from the financial crisis and recession. The world is far different from what it was last spring, when the Bush administration was once again claiming to see "light at the end of the tunnel". The metaphors and the administrations have changed, but not, it seems, the optimism.

The good news is that we may be at the end of a free fall. The rate of economic decline has slowed. The bottom may be near – perhaps by the end of the year. But that does not mean that the global economy is set for a robust recovery any time soon....."

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