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Even if you'd cancel out all the debt by having the banks write down their loans, you'd still have a number of periphery nations who just aren't competitive, and who won't bounce back until the EU lets them, or we wait out the grinding internal devaluation, which eventually will result in full employment. In the long run.

Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid on Sat Mar 17th, 2012 at 07:31:06 PM EST
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