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It is spreading to wealthy countries.  It's here in the US.  28% of working Americans have a gross income of $25,000 or less.  WalMart is freaking because their customer base isn't buying their cheap shoddy products anymore, they don't have the money.

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
by ATinNM on Sat Feb 16th, 2013 at 05:48:02 PM EST
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I suppose I meant Germany instead of "wealthy countries. It's not a great idea to destroy your own markets.

Is it the same thing Walmart is doing by grossly underpaying its own workers? See Henry ford.

Hey, Grandma Moses started late!

by LEP on Sun Feb 17th, 2013 at 04:46:20 AM EST
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The German chattering classes flatter themselves that they'll be able to export to China what the rest of the EU doesn't import.

Also, they tell Spain that it should export more to Latin America.

So, Germany wants the largest economy in the world to apply deflationary policies at home and export unemployment to the rest of the world. We could call this the 'small open economy syndrome', for Germany (let alone Europe) may be an open economy, but it surely isn't small.

I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS

by Carrie (migeru at eurotrib dot com) on Sun Feb 17th, 2013 at 04:52:03 AM EST
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italy is teetering on the edge...

people are struggling to keep up appearances of normality, while watching the waters recede before the economic tsunami to hit here like spain, greece and portugal.
 i have a hunch italy will be the straw that breaks the euro's back, or provokes a u-turn from the ECB.

probably a few months from now, once the election results have sunk in.


'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty

by melo (melometa4(at)gmail.com) on Sun Feb 17th, 2013 at 06:15:50 PM EST
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