Let's ignore the 'financial wizards' in 2011

Joseph Stiglitz:  "My new year's hope is that we stop listening to those calling for austerity and use some common sense to restructure debt."

So this is my hope for the new year: we stop paying attention to the so-called financial wizards who got us into this mess – and who are now calling for austerity and delayed restructuring – and start using a little common sense. If there is pain to be borne, the brunt of it should be felt by those responsible for the crisis, and those who benefited most from the bubble that preceded it.

Joseph Stiglitz is professor of economics at Columbia University and a Nobel laureate.