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Hey, look, a description of the situation (minus the realisation that private sector imbalances are dangerous) in peripheral Europe (minus Greece)
Countries which have virtuously delivered fiscal surpluses have, too often, succumbed to financial crisis. In the late-1980s, the UK ran a budget surplus alongside a current account deficit. Only as the economy began to collapse did policymakers begin to recognise that imbalances within the private sector could be just as damaging as those within the public sector. The UK economy wilted in the face of a rapidly deflating housing bubble.


tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker
by Migeru (migeru at eurotrib dot com) on Tue Dec 13th, 2011 at 12:18:23 PM EST
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