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Joseph Stiglitz: “Deep-Seatedly Wrong” Economic Thinking Is Killing Greece

Joseph E. Stiglitz, Ph.D

By Lynn Parramore (original source The World Post) 

“On August 18th, Nobel laureate Joseph Stiglitz joined Harper’s Magazine deputy editor Christopher Beha at Book Culture in New York to discuss the Greek financial crisis. In Stiglitz’s view, the latest bailout not only ensures that the country’s depression will worsen, but undermines the entire European project.

Bad economic ideas inflict untold human suffering. When they come cloaked in a fog of Orwellian obfuscation, their poison and effects can spread with little hindrance. The public is misled. Power plays are hidden from view.

In Greece, where suicide rates have risen sharply in the wake of austerity measures, people lose hope.”

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