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Mr. Stiglitz takes on the job of explaining how it is that Keynesian institutions, such because the World Financial institution and the IMF, born within the aftermath of the Nice Depression and World Struggle II, have transformed themselves into compulsive international funds cutters, slashing away at public expenditures every time one among their unlucky debtor international locations slips into recession. Many of the debt is made up of things we actually want, like Social Security and other retirement automobiles in addition to loans for houses and businesses.
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