Paul Krugman, Nobel Prize winner congratulates Gordon Brown...
Brett Alegre-WoodChairman, YPC Group
Hey guys,
Thought I would give you some humorous yet good news that I have just seen on CNN and Bloomberg, these are US news wires that pump out continuous news about the economy and finance.
The interviews were looking at the package announced by George Bush today setting out how he intends to rescue the US economy. They were quite critical about the package and not altogether sold on the package. The commentator was U.S. economist and Nobel Prize winner, Paul Krugman he used a comparison of Gordon Brown's package as being the way the US should have gone.
In particular he separated the global recession from the credit crunch which I felt was a really important point. He felt that the two things had to be dealt with separately, even though they were interlinked.
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The continuing basis of the credit crunch is that banks will not lend to other banks, the lack of liquidity is causing banks to go bust (25 to date) so the simple answer to the problem is that banks need more capital and this is exactly what our Prime Minister Gordon Brown has provided. In his own words he is providing a 'Rock of Stability' and the Europeans have followed suit.
Paul Krugman feels that the provision of capital is the key to solving the credit crunch and ultimately Gordon has hit it on the head. Good news for the UK economy.
Live with passion,
Brett Alegre-Wood
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