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IMF study debunks right-wing arguments against income redistribution

The International Monetary Fund has backed economists who argue that inequality is a drag on growth in a discussion paper that has also dismissed rightwing theories that efforts to redistribute incomes are self-defeating. The Washington-based organisation, which advises governments on sustainable growth, said countries with high levels of inequality suffered lower growth…

Nobel Laureate Stiglitz: ‘The only true and sustainable prosperity is shared prosperity’

Nobel Memorial Prize-winning economist Joseph Stiglitz gave a powerful speech at the annual AFL-CIO convention in Los Angeles. “It’s been clear to me that our economy has been sick for a long time,” he began, introducing a theme he would hammer home throughout the speech. “For too long, the hardworking…

Nobel-winning economist supports ‘Occupy Wall Street’

Nobel Prize winning economist Joseph Stiglitz showed up at “Occupy Wall Street” this week to show his support for the protest and clearly outline what he sees as the worst crimes of the American financial sector. In a brief speech amplified by an “echo chamber” of protesters (who shouted Stiglitz’s…

FDIC launches 50 criminal investigations into bankers

The Federal Deposit Insurance Corporation has launched criminal investigations into approximately 50 banking executives involved in the financial crisis, AP reports. Deputy Inspector General Fred Gibson said Wednesday the inspector general’s office at the Federal Deposit Insurance Corp. has been probing the role of the executives in bank failures around…

Bill for Afghan war could run into the trillions

By Eli Clifton WASHINGTON – The U.S. Senate is moving forward with a 59-billion-dollar spending bill, of which 33.5 billion dollars would be allocated for the war in Afghanistan. However, some experts here in Washington are raising concerns that the war may be unwinnable and that the money being spent…

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