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View Diary: Is Rome Burning? (16 comments)

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  •  the financial market can do in 24 hours (2+ / 0-)
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    wilderness voice, Gooserock

    what a concerted, good faith effort by a government would need years to achieve.  By that I mean that Italy's cost of borrowing doubled today, according to a couple of articles I read.  Yet, those same articles noted that a country like Portugal or Spain might well labor under the burden of austerity measures for years before they are able to rid their debt of the taint affixed to it by the bond market.

    So...a diet of slow growth, spending cuts, tax increases, unemployment that could last a few years to claw yourself in by inch back into the good graces of the bond market...versus a financial system that can pull the rug out from under a country in the period of one or 2 days, or turn a manageable debt situation into a hopeless one over the course of 24 hours?

    There's not enough money out there to stanch the bleeding caused by the rising bond yields, from what I've read.  Even if Germany were to just bend over and say slap my ass and call me Sally.  I don't have the sense they are going to do that anyway.  

    "In a nation ruled by swine, all pigs are upwardly mobile." Hunter S. Thompson

    by Keith930 on Fri Nov 25, 2011 at 05:56:43 PM PST

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