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By John R. Bolton
Reality calls for attaching Gaza to Egypt and the West Bank to Jordan
Topic - Jacob Kirkegaard
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.
"I think it shows that he has the freedom of the assured loser," said Jacob Kirkegaard, senior fellow at the Peterson Institute for International Economics. "If he really thought he could be chancellor of Germany, he would not have OK'ed the release of that picture."
"The fact is everybody in the euro area has pretty much consolidated at the same time, and you know — surprise, surprise — the euro area in 2012 was in recession," Mr. Kirkegaard said. "If there had been no deal on the fiscal cliff, and the full effect of the [spending cuts] and expiration of tax breaks had actually come to pass, then the U.S. would have been in recession in 2013. There's no doubt about it."