Hugh Hendry: ‘We’re in the death spiral of mercantilism’


Germans might want to listen to this: “You are exporting surplus savings and you are importing other people’s income. We’re in the death spiral of mercantilism.” Because that is the reason you will be paying for Greece, Ireland, Portugal, Spain, Italy …and, who knows,… even France.

Enjoy it, and vote Merkel a third time into office.

H/T Ian Fraser

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s