Telegraph:Why the NY Times’s Paul Krugman is Clueless About the European Economic CrisisSubmitted by jay0718 on Tue, 05/01/2012 - 13:53
By Nile Gardiner | Telegraph
"...New York Times columnist Paul Krugman’s latest piece “Death of a Fairy Tale” is yet another rant against austerity measures in Europe, especially in Britain. Such measures, he argues, would be disastrous for the United States, even though the world’s superpower is now more than $15 trillion in debt, with the highest deficits since World War Two. Krugman has consistently argued for a big government approach towards America’s economic problems – greater stimulus spending, higher taxes, and more bailouts.
The Nobel prize-winning economist’s article is highly misleading in its claim that austerity is the cause of Europe’s economic woes today, an assertion that is not backed up by any evidence..."
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