Author: Bo Persson
Date: 12:37:21 01/14/02
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On January 14, 2002 at 14:18:25, Steve Maughan wrote: >>Wealth is going to be generated from all of this, which is why the leveling >will not be in the down direction. > >I hope you're right but when a downturn comes in a smaller country there will >not have the luxury of reducing interest rates. I predict that this will occur >in Ireland within five years - the result being long-term recession. > No, the result will be increased subsidies from the other countries. When one country tries to attract jobs by lowering its interest rate (or exchange rate, or taxes), where do these jobs come from?? A recession in in one coutry will be bad for the common market, so your wealty nabour will give you a hand. Partly because he is a nice guy, partly because otherwise you couldn't afford to buy his products... Bo Persson bop2@telia.com
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