Fierce critic of Bush wins Nobel Prize
Source: Press TV, 13-10-2008
Paul Krugman, an outspoken critic of White House's economic policies, has been awarded the Nobel Memorial Prize in Economic Sciences.
The award is the last of the six Nobel prizes announced this year.
"Krugman is not only a scientist but also an opinion maker," said economics prize committee member Tore Ellingsen.
The Princeton University professor, however, declared himself dumbfounded at winning the $1.4 million award - which is typically shared by two or three researchers.
Krugman, who is a regular columnist for The New York Times, has been a harsh critic of the Bush administration and the Republican Party.
He blames the White House for creating the current financial crisis and pushing the global economy on the verge of recession by pursuing deregulation and unencumbered fiscal policies.
The worldwide financial meltdown has sent shares crashing. The United States, alone, has so far lost $8.3 trillion in stock market value over the past year.
According to US Treasury Secretary Henry Paulson, more financial firms in the US are expected to go bankrupt in the near future.
Krugman, who has accused the Bush administration of engaging 'in a game of deception' regarding Iraq and the economy, said on Monday that he was 'extremely terrified' by the crisis.
"I never thought I would see anything that looked like 1931 in my lifetime, but in many ways this crisis does," he said referring to the Great Depression in the early 30s.
While Krugman has not hidden his dissatisfaction with the current administration, he is even more skeptical of the Republican presidential candidate John McCain.
In a recent column, Krugman stated that a McCain administration would not just 'be a continuation of Bush-Cheney'.
"If the way John McCain and Sarah Palin are campaigning is any indication, it (a McCain-Palin administration) would be much, much worse."
Paul Krugman, an outspoken critic of White House's economic policies, has been awarded the Nobel Memorial Prize in Economic Sciences.
The award is the last of the six Nobel prizes announced this year.
"Krugman is not only a scientist but also an opinion maker," said economics prize committee member Tore Ellingsen.
The Princeton University professor, however, declared himself dumbfounded at winning the $1.4 million award - which is typically shared by two or three researchers.
Krugman, who is a regular columnist for The New York Times, has been a harsh critic of the Bush administration and the Republican Party.
He blames the White House for creating the current financial crisis and pushing the global economy on the verge of recession by pursuing deregulation and unencumbered fiscal policies.
The worldwide financial meltdown has sent shares crashing. The United States, alone, has so far lost $8.3 trillion in stock market value over the past year.
According to US Treasury Secretary Henry Paulson, more financial firms in the US are expected to go bankrupt in the near future.
Krugman, who has accused the Bush administration of engaging 'in a game of deception' regarding Iraq and the economy, said on Monday that he was 'extremely terrified' by the crisis.
"I never thought I would see anything that looked like 1931 in my lifetime, but in many ways this crisis does," he said referring to the Great Depression in the early 30s.
While Krugman has not hidden his dissatisfaction with the current administration, he is even more skeptical of the Republican presidential candidate John McCain.
In a recent column, Krugman stated that a McCain administration would not just 'be a continuation of Bush-Cheney'.
"If the way John McCain and Sarah Palin are campaigning is any indication, it (a McCain-Palin administration) would be much, much worse."
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