Thursday, Jan 15, 2009
I hope the devaluation works
Guardian: Business as usual won't halt the haemorrhage of jobs
Our plan seems to be devalue our own currency which will cause an expansion in manufacturing and all export sectors. However, looking around the world you can see a lot of really cheap currencies in countries which don't have booming manufacturing or export sectors. The current plan seems doomed to failure as long as we ignore structural reforms i.e. the bloated wasteful public sector and high taxation, quite aside from price fixing strategies for credit.
Posted by stillthinking @ 10:12 AM (261 views) Add Comment
1 Comment
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1. fancypants said...
Good until I got to the bit where he said "if borrowing becomes more difficult, then debts can always be serviced by printing money". Hmm, someone needs to re-consider that I think! Who would lend at low rates if they knew that the government would think nothing of churning out reams of new cash as soon as things got a bit messy?