neither the U.S. nor Europe is dealing with the real problem

… Economists from the Left and the Right agree – Published on Washington’s Blog, by blog owner, May 23, 2011.

… Niall Ferguson told Bloomberg that no one has the political will to deal with Greece, and so Europe might experience a crisis as big as the 2008 crash in the U.S.: Paul Krugman argues that austerity has failed in Europe, but that the European Central Bank ” “i[s] just not willing to face up to the failure of its fantasies” and to restructure Greek debt … //

… And in the U.S., former Reagan head of the Office of Management and Budget – David Stockman – says that both Democrats and Republicans are now advocating for default in America, since Democrats won’t compromise on spending and Republicans won’t compromise on taxes. (Before Dems label Stockman as a radical anti-taxer, remember that he recently said that the Bush tax cuts were the biggest fiscal mistake in history, and that extending them won’t stimulate the economy).

(full text, and listen also the video inmidst of the text).

Link: Exclusive: UK Banks Face Ratings Downgrade, on SkyNews HD, May 23, 2011.

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