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Both parties recognize the Democrats' scam
Topic - Adam Posen
The Group of 20 meetings in Moscow this week offer the world's industrial powers an opportunity to push for better coordination of global financial regulations that give banks clear guidelines to follow, the new chief of the Washington-based Peterson Institute for International Economics said in an interview Tuesday.
The world's major economies are in a dangerous race to impose austerity policies that could spill over into another global recession, the new head of one of Washington's most influential think tanks on the economy warned Wednesday.
"Even I believe countries have to pay their debts at some points," Mr. Posen said. "The question is the time sequencing and how you make credible commitments not to overdo it now, but not to underdo it later."
"For other countries, such as the U.S. and Germany, [austerity] is not good," Mr. Posen argued. "This is forcing them into premature tightenings and excessively speedy tightenings. The most important thing is that the international spillovers when everybody tightens up at the same time are quite large."