September 21st, 2009

(no subject)

Debt deflation laboratory of the Baltics

"The free-market model worked great for 15 years and then they ruined it with crazy lending. Did Margaret Thatcher say you should borrow money from Swedish banks to buy German cars? <...>Estonia's leaders will hear none of it. They can defend the peg as long as reserves last at the central bank."

(Оттуда же, для bbb: очередное поминание девальвации злотого But is the euro the right "fixed point" when the urrencies of Sweden, Russia, Poland, Ukraine have plunged around you?. Правда, Партс тот еще спец.)