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The lesson from the European debt crisis



August 30, 2010 – Comments (2)

As I see it, the lesson is this: the collapse of a smaller debt bubble does not have any domino effects. Instead, the hot air streaming from the pricked smaller bubble simply flows into the larger debt bubble.

Caveat emptor: this conclusion is true if the greater bubble is the US, but it has not been tested for other countries and may not work for them. 

2 Comments – Post Your Own

#1) On January 05, 2011 at 4:15 AM, Johnexo (< 20) wrote:

Greece's debt didn't suddenly magically appear as a result of a recession. It was already there, it just became fatal when the economy went south. The problem for the EU isn't just an economic downturn. If that was the only problem, some stimulus spending could arguably be the answer. The problem for the EU is debt combined with a flat economy.

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