Monday, Aug 20, 2007
Conspicuous by their absence but now safe for Economists to stick their neck out now. Prediction for outcome as well - bonus !
Telegraph: Sub-prime crisis is the edge of a financial hurricane
That combination, and Germany's initial uncompetitiveness, created booms in many other EMU countries. But, as in the US in the 1920 and again in the 1990s, inappropriate interest rates and temporarily booming growth totally distorted perceptions of today versus tomorrow. The result has been that firms and families in these countries have massively over-borrowed and banks and investors have massively over-lent, often on the illusory security of inflated house prices.
Posted by darren @ 08:55 AM (172 views) Add Comment
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