The cartoonist missed a key point: Spain should be there crushed under the pedestal. Under Greece they were running both a budget surplus and a trade surplus going into the Great Recession. The same thing happened to countries that tried to stick to the Gold Standard [or worse, Japan that chose to rejoin the Gold Standard] in 1930.
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The cartoonist missed a key point: Spain should be there crushed under the pedestal. Under Greece they were running both a budget surplus and a trade surplus going into the Great Recession. The same thing happened to countries that tried to stick to the Gold Standard [or worse, Japan that chose to rejoin the Gold Standard] in 1930.
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