Denmark's got trouble on the money markets. But so far it's just funny-money going away. It hasn't hit the real economy yet.
For all the doom and gloom (I plead guilty) we still have a "boom contraction" in the sense that we are still at full employment or the next best thing (compare: "growth recession" for when GDP is growing but employment is not). How long that will last is very much an open question, but the panic is limited to the punditry and the people who cut them their paycheques.
When unemployment starts going up or Danske Bank, Arbejdernes Landsbank, Nykredit or someone else on that scale gets into hot water, you may colour me scared. Until then... easy come, easy go.
- Jake 640 kiloton should be enough for anybody
I.o.w., some of the Danish banks have been conned by pyramid scammers (including, I would claim, Mr. Fogh), but so far it does not appear that they have been actively pyramid-scamming themselves.
