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The problem for Denmark was that the decision to defend the peg was made at the time Europe was coming out of the oil crisis, and the defence was supported by the full force of hitman fiscal policy. Which meant that it did not require ridiculous interest rate spreads, "only" a fiscal policy of systematic industrial sabotage. Indeed, the Danish version of the D-Mark peg has been a fiscal peg targeting interest rate spreads.

It will be interesting to see what happens the day it comes under serious attack. So far our oil revenues have made such attacks non-viable, but that state of affairs will not last beyond the present decade.

- Jake

Austerity can only be implemented in the shadow of a concentration camp.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Aug 12th, 2011 at 05:16:57 AM EST
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