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Spain is not Indonesia, so it's pretty questionable whether currency speculation could result in anything but a very temporary change in the exchange rate.

It is also questionable whether a 6% stock market drop could result in anything but a very temporary loss of loan collateral for shereholders. And yet the political class is in a panic over "investors" because the dominant ideology tells them to.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma

by Migeru (migeru at eurotrib dot com) on Fri Feb 5th, 2010 at 07:33:32 PM EST
[ Parent ]
That's the whole point.  Just because the political and chattering classes make a big deal of something, doesn't mean that it truly is a problem for working people. It might just be a bigger, insider problem for the elite than it is for most other people.
by santiago on Sat Feb 6th, 2010 at 12:43:19 PM EST
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