Between a rock and a hard place

Over on Clouded Outlook we find the perfect example of why the euro-zone is functioning so dismally.

Alice Cook is comparing the housing market in Vienna and Dublin (see above) and wonders what the ECB is to do. Lowering interest rates would help the Irish, but heat up the booming property market in Vienna even further, ensuring a massive bust in the near future. On de other hand, increasing interest rates would cool the Vienna market, but push many a Irish home-owner into default.

We are caught between a rock and a hard place. Whatever the Eunion and/or the ECB decides, people will get hurt in the end. That single currency was a grand idea, wasn't it?

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DP111 zei

The Crime of Building a House

In Niger, two Frenchmen were murdered by their Islamic kidnappers. Saudi Arabia sentenced a 23 year old girl who was gang raped to a year in prison and 100 lashes. Iran arrested two dozen Christians for the crime of being well... Christians. Which of these awful things did Secretary of State Hillary Clinton and the EU's Red Baroness Ashton forcefully condemn?

The answer is none of them.


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