UK austerity push 'deeply destructive' says Paul Krugman
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Wed May 30, 2012 11:43 am
china wholesale market

INTERNATIONAL. Nobel laureate Paul Krugman said the U.K. government’s austerity plan is “deeply destructive” and it should instead step up spending to boost the economy.

The push for austerity “is failing dismally here,” he said in an interview on the BBC Radio 4’s Today program today.

“The whole intellectual framework has been tested to destruction,” he said “and yet the government is insisting that it will not revise” its austerity plan.

“Britain should be spending a couple of percent of GDP more,” Krugman said. “By all means have a plan for cutting the deficit, for reining in long-run spending, but not now.”

Editor's note: If more spending and debt is the solution for a country's deficit, then Greece should have been a European economic power.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: January 24, 2015
QATAR. Deflation is starting to spread into lower global consumer prices, depressed wages and, to a lesser extent, softer asset prices. Unless an appropriate fiscal response is found, this disinflationary dynamics is likely to continue in 2015 and possibly beyond.
date:Posted: January 23, 2015
KUWAIT. Strong growth in American supply boost non-OPEC output by 3.65% in 2014; OPEC not opting for output cut to halt drop in price; Downside risks prevail as world supply increases.
date:Posted: January 23, 2015
INTERNATIONAL. New Oliver Wyman report says financial services returns now hover around the 7% average of utilities.
QATAR. Deflation is starting to spread into lower global consumer prices, depressed wages and, to a lesser extent, softer asset prices. Unless an appropriate fiscal response is found, this disinflationary dynamics is likely to continue in 2015 and possibly beyond.
dhgate