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Nobel Laureate in Economics Joe Stiglitz (above) observed in a speech that the USA and EU leaders are on the wrong economic track..."using the same path (austerity) that the IMF forced on Argentina...which will only result in “stagnation”.
"The only people benefiting from the delay are speculators...the very people who European politicians tend to blame for their problems. Europe is providing the framework for the volatility off which they live” Stiglitz said.
“Countries such as Argentina, Brazil and China displayed good macroeconomic policies; they understood the importance of a well designed Keynes stimulus to prop the economy and ensure that unemployment does not balloon”, he said.
