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You don't say. But how does that fit Ireland in your CA deficits are everything model?
Oh, and don't forget Cyprus. They're a hedge fund too, and are duly under market attack. Economics is politics by other means
"Ireland fits in the small country with large internationally active banking sector category alongside Iceland and Switzerland"
Yes. Nothing to do with CA deficits.
I didn't mention Cyprus because there seems to be an genuine non-economic reason: the power plant explosion.
Everything is peachy in Switzerland!
About Cyprus: they have become an offshore appendage of the City of London where the banking sector has grown to 7xGDP. Were that not the case, an accident at a power plant would not have spelt economic disaster. Economics is politics by other means
No, no. Everything is peachy in Switzerland!
That remains to be seen, but the Swiss central bank is actually behaving intelligently in this crisis.
They still have their own currency after all and didn't join the cursed euro!
And that is why the Swiss CB still has the power to behave intelligently.
They may not be doing enough, and it may not be possible to do enough. But I wouldn't bet money on that in the way that I would without hesitation bet money on the non-viability of the Spanish balanced budget rule.
- Jake Friends come and go. Enemies accumulate.
The structural CA imbalances are evidence that they have an overvalued currency, not the cause of the overvaluation.
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