Thursday, November 3, 2011

Things EFSF Will Not Fix

Expecting a bunch of bureaucrats to fix a decade's worth of accumulated imbalances in a matter of months with some alphabet soup ain't gonna work. What will work? Peripheral countries deflating with respect to core. Not only will it work, but it is the only thing that will work. Pictures follow. Toodles!
Cumulative Inflation relative to Germany. (i.e. Germany CPI would be a flat line at zero)

Balance of Trade (Exports-Imports) for GIIPS

GIIPS Balance of Trade as a % of GDP

Balance of Trade for selected European economies

Balance of Trade for selected European economies as a % of GDP


  1. One of these pigs is not like the others...

  2. As my wife pointed out - Google, Amazon et al use Ireland as a corp headquarters for tax purposes.

    If the US provides a tax holiday the cash sitting in Ireland ( held as US Treasuries ) will repatriate.

    What will that do to the odd Pig's balance of payments numbers?

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  5. I completely agree with the writer. Yesterday I went on business in a rent suv and we discussed this topic too.

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