"The surge in imports and the binge of wasteful investments were the almost inevitable consequences of the financial inflows coming into the crisis countries from the surplus countries, particularly Germany. The spending booms had nothing to do with cultural traits, the weather, or differences between Catholics and Protestants. As Germany’s own experience in the 1870s demonstrates, windfalls of cheap money produce the same responses everywhere. Soaring real estate valuations and rising stock prices made people feel richer and encouraged them to spend more out of current income. At the same time, banks flush with funding from abroad needed to increase their lending—and did so by lowering standards."
Desta vez vai ser diferente vou chamá-lo: reformas estruturais.
Recordar isto, isto e ainda isto.
Trechos retirados de “Trade Wars Are Class Wars” de Matthew C. Klein.
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