The Difference between Having a National Currency and Euro

Via Paul Krugman. Spain is still stuck in the Euro trap (yeah, it’s a trap that lures you in with the promise of prosperity, then bam! you lose competitiveness):

via Krugman

via Krugman

As shown, Spain’s debt level is slightly better than UK’s.  The whole point is that solid recovery is a much better policy at this point, not cut-back. Furthermore, austerity has produced zero growth for UK over the past 6 months.

http://wp.me/pXZbk-hQ

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