NJ5 on 05 February 2010
| kowenicki said: Dont worry, the Yen will have to be devalued soon, it has to unless Japan want to utterly screw themselves. They have to do something soon, Japans tax take this year wont even meat their own debt payments. They are effectively bankrupt too. On Europe... expect Portugal, Spain and Italy to follow Greece soon. It was sooooo obvious that a common monetary policy and common currency couldnt work for such different economies... especially economies propped up by inflows of european cash. |
In some way I think it is a good thing. Eurozone countries are being pressured to stop running big deficits, while countries like the US and UK just print their way out of the problem with little pressure to really fix the deficits.
While the latter is more politically acceptable, it has already resulted in a big loss of purchasing power for British people, at least for imported stuff. Sure, it helps exporters, but the UK is not an export economy right?
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