Monday, November 29, 2010
Deep Integration With the US? Consider Spain and Then Think Again
Paul Krugman's column today is on the financial squeeze hitting Spain. He explores how much of Spain's suffering actually results from monetary union, the Euro. It's an apt warning for those who think deep integration with the United States would be great for Canada.
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There is a fellow named Charles W. Moore from Nova Scotia who wrote two long columns as to why we must have common currency with U.S. I think he writes balderdash but there are people like him. Go figure.
It's a conman's game.
The initial first years of adopting the Euro led to an over-inflated housing market. People made incredible money hand-over-fist by flipping properties with the conversion. After awhile it seemed like everything was falsely inflated, creating a bubble economy.
I have spent more than the past decade having to deal with stuff in Spain and was amazed by the roller coaster ride of it all.
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