-Caveat Lector- http://www.emedia.com.my/Current_News/NST/Wednesday/World/20021016080708/Article/
War a threat to global economy SEOUL, Oct 15: A recipient of the 2001 Nobel Prize for Economics, Joseph Stiglitz, warned today that a US war against Iraq would have a �very negative� impact on the global economy. Advertisement He also accused President George W. Bush of "mismanagement" of the US economy and forcing a global downturn on the rest of the world. Speaking at the World Knowledge Forum here, Stiglitz said many people hoping for an economic boom from a war on Iraq would be disappointed. They confuse what happened in World War II with what could happen today, he said. World War II helped the world out of global deflation and had a positive impact on the world economy, he said. "This current war, if it occurs, is likely to have a high probability of having a very negative impact," he told journalists. He said the differences between World War II and a possible war against Iraq was that World War II was a war of total mobilisation with huge expenditures. But a war on Iraq was likely to involve fewer people and less expenditure in terms of the global economic growth. "The benefit in terms of the economics of that stimulus (from a US-Iraq war) is likely to be more than offset by the adverse effect that uncertainty is having on investment, consumption and the possible advserse effects on oil prices," he said. "This is a very different kind of situation from World War II. Therefore, (there are) much more downside effects in terms of the global economy." He criticised the Bush administration for opting for tax cuts over stimulus packages he and other economists advocated. "Now I believe quite strongly that the Bush administration has mismanaged economic policy for the past two years," said Stiglitz, a Columbia University professor. He said tax cuts benefited a few rich people while people who really needed the money, including the unemployed, got very little. Prospects for the US economy remain clouded, he said as State Governments face a budget crunch because of reduced revenues which is forcing them to cut expenditure, depressing the US economy further, he said. � AFP <A HREF="http://www.ctrl.org/";>www.ctrl.org</A> DECLARATION & DISCLAIMER ========== CTRL is a discussion & informational exchange list. Proselytizing propagandic screeds are unwelcomed. Substance�not soap-boxing�please! These are sordid matters and 'conspiracy theory'�with its many half-truths, mis- directions and outright frauds�is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRLgives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://peach.ease.lsoft.com/archives/ctrl.html <A HREF="http://peach.ease.lsoft.com/archives/ctrl.html";>Archives of [EMAIL PROTECTED]</A> http:[EMAIL PROTECTED]/ <A HREF="http:[EMAIL PROTECTED]/";>ctrl</A> ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
