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Because those factories would be uncompetitive as the periphery nations have too high costs and can't devalue?

They could still buy up periphery shares, esssentially in the long run transfering ownership of Spanish etc business to German pension funds (etc). Of course, the surplus savings could also be invested outside of the eurozone as well, in petroleum assets, mines and so on, Chinese style.

Peak oil is not an energy crisis. It is a liquid fuel crisis.

by Starvid on Wed Dec 14th, 2011 at 06:37:02 AM EST
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