Let the euro go: Joseph Stiglitz

A Nobel prize-winning economist has said it is unsurprising that an anti-austerity figure such as Jeremy Corbyn has emerged as a contender for the Labour leadership.

Speaking in London on Sunday, Joseph Stiglitz warned that policies from centre-left governments such as Tony Blair’s had undermined the middle-ground message, partly by entrenching wealth for the very few.

Asked about the emergence of Corbyn against more moderate candidates, Stiglitz said young people were the most likely supporters as they felt badly let down by more mainstream politics.

“I am not surprised at all that there is a demand for a strong anti-austerity movement around increased concern about inequality. The promises of New Labour in the UK and of the Clintonites in the US have been a disappointment,” said the former World Bank economist who is a professor at Columbia University in the US…

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Jeremy Corbyn

Stiglitz said the best way to save the European political project was “to let the euro go … Not only has there been evidence of a lack of solidarity, there is even a misunderstanding of what solidarity is, and you can’t have a group of countries with the same economic arrangements without some degree of solidarity.”

The latest Greek debt deal and the austerity policies to be imposed on Greece by the European leaders and the International Monetary Fund were bound to fail, he said. Continue reading the guardian

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