Legends of the fail

Paul Krugman op zijn best. Lees : http://www.nytimes.com/2011/11/11/opinion/legends-of-the-fail.html?_r=1&partner=rssnyt&emc=rss.

Een uitreiksel :

"First, if you look around the world you see that the big determining factor for interest rates isn’t the level of government debt but whether a government borrows in its own currency. Japan is much more deeply in debt than Italy, but the interest rate on long-term Japanese bonds is only about 1 percent to Italy’s 7 percent. Britain’s fiscal prospects look worse than Spain’s, but Britain can borrow at just a bit over 2 percent, while Spain is paying almost 6 percent.

What has happened, it turns out, is that by going on the euro, Spain and Italy in effect reduced themselves to the status of third-world countries that have to borrow in someone else’s currency, with all the loss of flexibility that implies."

Verplichte lectuur indien je je afvraagt waarom Spanje, Italië en andere euro landen diep in de problemen zitten en de Verenigde Staten, Groot Brittannië en Japan niet. Omdat de euro het probleem is. En voor Krugman lijkt het steeds duidelijker te worden : het einde van de euro is nabij.