Tuesday, February 21, 2012

Spanish Unemployment Rises

In other news, Spanish unemployment rises above 22%. Check out the link.


I mean seriously, 22%? In any sane economic regime, that would be unacceptable. There would be outcry to use monetary and fiscal expansion to grow GDP and create jobs in the way outlined in the two models outlined previously. But the ECB ENDED its expansionary program yesterday, and the periphery countries are all, as is well known, debt constrained. There seems to be no light at the end of this tunnel. And the global economy will suffer for it.

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