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Bank lending denominated in hard currency, like inflation-indexed bonds, is an abomination onto God

The problem is that central bankers are idiots and didn't do their job properly. Moreover, they used the EU's free movement of capital for cover:

"There is nothing we can do to stop foreign exchange borrowing, and we don't even try. As members of the European Union, we have to respect the free flow of capital," he [Hamezc Istvan, director of Hungary's Central Bank] said.

Economics is politics by other means
by Migeru (migeru at eurotrib dot com) on Tue Aug 16th, 2011 at 05:09:48 PM EST
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