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Strategies & Market Trends : The Residential Real Estate Post-Crash Index-Moderated
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To: Broken_Clock who wrote (23628)5/28/2011 9:07:33 PM
From: marcher4 Recommendations  Read Replies (2) of 119361
 
dean baker:

"...the ECB now seems intent on punishing the people in many of these countries for its [the ECB] mistakes.

...It is difficult to see what lessons are taught by strangling the public sector. The austerity policies being imposed on these countries are unlikely to put serious dents in the fortunes of those who profited from these speculative bubbles.

...leaving the euro and re-introducing a domestic currency becomes a realistic prospect...if the crisis is already there, then the domestic currency route would suddenly look much more appealing.

...Argentina provides the model for this situation...After negotiating a series of austerity packages with the IMF, the resulting recession and cutbacks in public services created enough civil unrest that the country could go no further. With the situation spiraling out of control, the government had no choice but to break its unbreakable peg. The resulting financial crisis sent the economy spiraling downward. However, it stabilized after three months, and began leaping forward six months after the break. It continued to have strong growth for the next six years until the world economic crisis brought Argentina's economy to a standstill in 2009...."

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