Pages

Tuesday, February 03, 2009

Nobel Prizewinning Economist: Let The Banks Fail

Professor Stiglitz, the former chair of the White House Council of Economic Advisers, told The Daily Telegraph that Britain should let the banks default on their vast foreign operations and start afresh with new set of healthy banks.

"The UK has been hit hard because the banks took on enormously large liabilities in foreign currencies. Should the British taxpayers have to lower their standard of living for 20 years to pay off mistakes that benefited a small elite?" he said.

Read more...

No comments:

Post a Comment

Thanks for your comment it is much appreciated.