Nobel Prize winner recommends sending economic aid to poor countries

[Louis-Emmanuel]

While right-wing SC Governor rejects stimulus money for his own state because it supposedly too costly, 2001 Nobel Prize in Economics winner Joseph Stiglitz said today that not only should we spend more on ourselves, but that the West should send economic aid to poor countries so as to help them stimulate their economy.

He also believes our stimulus was too small.

Imagine what the reaction will be from the media, (if it pays attention to this at all) which does not care about the poor and Middle-class in America, let alone the poor in other nations.

"We very strongly support the view that there is a need for a strong stimulus by all the countries in the West but we highlight that the developing countries don't have the resources to engage in the necessary contercyclical policies."

As a result, developing countries needed "substantial assistance" from rich nations.

Stiglitz described it as "a matter of social justice, it's also a matter of the interest of industrial countries."

Now contrast this with the moronic South Carolina Governor's excuse for rejecting the aid:

"Our objections to the so-called stimulus bill have been well-chronicled for the way it spends money that we don't have and for the way this printing of money could ultimately devalue the American dollar,"

http://news.yahoo.com/s/afp/20090311/bs_afp/economyfinanceusun

[whoneedstickets]

1. This is a CRITICAL idea...for the global economy to work we MUST...

..expand the base of consumers -- the global middle class -- beyond the US, Europe, Japan, OECD countries. We must raise the standard of living of people around the world. The days of US labor aristocracy are over.