Spain's Pain?
Spain has reassured us all that any adjustment is ridiculous, unthinkable, completely out of the question, that they have one of the most efficient financial systems in the world, and that it is immensely solid as well. Why worry?
Click to enlarge.
See Also:
David Taguas vs. Vizzini
Rafael Pacheco vs. Ash
Europe vs. Ash
Source Data:
St. Louis Fed: Total Retail Trade in Spain
Show me the CMDEBT chart for a given economy and I'll tell you its prospect going forward.
ReplyDeleteExcept for Iceland. Those guys were bad-asses. Must have been the viking bloodline.
People like Krugman point to Spain's fiscal surplus immediately prior to the 2008 crash, but a big enough housing bubble hides all ills, eh.
Troy,
ReplyDeleteThere's nothing more bad-ass than an icelander on an icelandic horse!
Be sure to see the last 15 seconds.
ReplyDelete