Paul Krugman's:
… it means is that Ireland is still way out of line, requiring lots more “internal devaluation” via deflation. Not a happy prospect.
It’s also interesting to note that most — most!– of the export rise has come from pharma, which is very intensive in foreign-owned capital, and does very little for Irish incomes and employment.
In Portugal, the well dressed, well-spoken and supposedly "Serious People" falsely sell on TV that Ireland is an example for Portugal to follow.
And the ignorant journalists nod along.
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