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    Nobel Prize-winning American economist says there is virtually nothing Australia can do to combat the effects of the European debt crisis. "Small countries [like australia] have much less scope for doing things than large countries like the united states," He said. He said "misguided policies of austerity" across Europe to cut government spending were akin to "medieval bloodletting"

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    Nobel Prize-winning American economist says there is virtually nothing Australia can do to combat the effects of the European debt crisis. "Small countries [like australia] have much less scope for doing things than large countries like the united states," He said. He said "misguided policies of austerity" across Europe to cut government spending were akin to "medieval bloodletting"

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    Nobel Prize-winning American economist says there is virtually nothing Australia can do to combat the effects of the European debt crisis. "Small countries [like australia] have much less scope for doing things than large countries like the united states," He said. He said "misguided policies of austerity" across Europe to cut government spending were akin to "medieval bloodletting"

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    News Sit tight, says Stiglitz Patrick Durkin Hong Kong 188 words 18 January 2012 The Australian

    Financial Review AFNR First 8 English Copyright 2012. Fairfax Media Management Pty Limited. Nobel Prize-winning American economist Joseph Stiglitz says there is virtually nothing Australia can do to combat the effects of the European debt crisis. "Small countries [like Australia] have much less scope for doing things than large countries like the United States ... but think very carefully about what kinds of spending have high multipliers and high social returns," Professor Stiglitz said yesterday at the Asian Financial Forum in Hong Kong when asked how the Australian government should respond to the crisis. "The United States has the greatest opportunity, combined with very low interest rates and huge needs for investment, so the failure of the US to stimulate the global economy is really ... a derogation of economic leadership." He said "misguided policies of austerity" across Europe to cut government spending were akin to "medieval bloodletting", more likely to kill the patient than save it. He said low interest rates exacerbated job losses, leading to more capital-intensive technologies. Meanwhile, bilateral, instead of global free-trade agreements, had only pandered to special interests and resulted in a "spaghetti bowl of complexity". Document AFNR000020120117e81i0001q

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