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Stiglitz Blames Greenspan For Recession
Former World Bank Chief Economist says US probably already
in recession
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Former chief economist of the World Bank, Joseph Stiglitz, has
said that the US economy is already in recession and is pointing
the finger of blame directly towards former Federal Reserve chairman
Alan Greenspan.
Remarking that the economy is "probably"
now in recession, Stiglitz told
Bloomberg Television that "There is a very significant
slowdown in the U.S. economy... The housing bubble has broken
and housing prices are coming down. Most experts think they will
have to come down substantially more.''
Stiglitz stressed that Alan Greenspan "is right
that this downturn is going to be the worst downturn in a quarter
century, but he's largely to blame,'' adding "It's not just
that he was asleep at the wheel, he actively looked the other
way''.
Stiglitz's comments come on the back
of news that Greenspan has been actively urging Gulf
states to abandon the dollar peg, a move that could result in
financial chaos and a further economic depression in America.
We have previously
reported on Greenspan's penchant for working to destroy
the US economy.
(Article continues below)
Stiglitz also took a swipe at current Fed chairman
Ben S. Bernanke, charging him with failing to counter the deterioration
of the real-estate market by procrastinating over interest rate
cuts.
"The dramatic lowering of the main interest
rate by 75 basis points [last month] was a panic not a prudent
measure.'' Stiglitz said.
The Nobel-prize winning economist also cited the
$3 trillion cost of the Iraq war as a key factor in the economic
downturn, saying it has increased the budget deficit and consumed
resources that would otherwise promote growth.
In contrast, the
president last week stated that the war in Iraq has
had no bearing on the economic slump.
Stiglitz is no stranger to speaking out against
the establishment on the economy. In October 2001 he caused controversy
when he exposed rampant corruption within the IMF and blew
the whistle on their nefarious methods of inducing
countries to fall under their debt before stripping them of sovereignty
and hollowing out their economies.
Sixteen months ago, on the nationally syndicated
Alex Jones radio show, Stiglitz
predicted a global economic crash would occur within
2 years.
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INFOWARS:
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