Nobel gurus warn Britain on fiscal overkill and Fed on monetary overkill

`` Professor Phelps said the rich states all need to bring ballooning debts under control, but at a calibrated pace. The US has been too timid. "To do just $100bn of tightening this year is nothing. The US is in a complete mess and it must move to a budget surplus in absolute terms," he said... Myron Scholes, who won the Nobel Prize for theories on derivatives, said QE is a misguided attempt to disguise both a bank bailout and dollar devaluation. ''