The Pain in Spain Puts Euro on the Wane
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  • Germany ought to stop lending these fiscal children money and just start buying assets and production. It won’t matter how much these PIIGS are leant, they’ll blow that, too. As Hanson notes today, “Culture Still Matters.”

    The only way the residents of the PIIGS will have jobs a year or two from now will be if the Germans own the companies employing them. It really matters not-at-all that they agree with this, any more than it matters if they agree with gravity.

    Europeans have had 67 years to grow-up. Evidently none south of Germany have chosen to do so. Their problem; not Germany’s or America’s.

  • Cromwell

    you’re using the wrong symbol for EUR/USD – it’s $1.25, because that’s how many dollars a euro will buy.

  • Kolya

    It is interesting that so many developed world economies have standards of living that depend on borrowing wealth that cannot be realistically paid back. What most commentary on the financial crises does not get is that the damage was done when the debts were racked up. Now the problem is how to distribute the losses that occured a long time ago in terms of the real economy (not the financial economy).

  • Kenny

    “It’s not clear whether there is enough money to get the job done.”

    Actually, there is more than enough money to ‘get the job done’ when you consider that what you call money can be fabricated in an instant in unlimited quantities by the central bank at the click of a computer terminal.

    And many like myself believe that this is exactly what will happen. Basically, what needs to be done to save the euro (and EU) will be done.

    Of course, the damage of such a reckless course of action is a different story.

  • Kris

    “It described Paris’s budget projections as ‘optimistic’ and called for tax, labour market and pension reforms, and liberalisation and deregulation of rail and electricity networks.”

    Le syndicalisme meurt mais ne se rend pas.

    [email protected]: “It is interesting that so many developed world economies have standards of living that depend on borrowing wealth that cannot be realistically paid back.”

    Wimpynomics

  • Corlyss

    “It’s still too early to predict how this will all play out”

    Still? After 3 years of this on-going psychodrama? You still shy away from predicting how it will turn out?

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