‘As long as ‘custom belt’ shops exist in NYC, I’ll suppose the economy’s fine.’ –Tim Geoghegan
{ What it shows is the now extreme flight of foreign capital from Spain and Italy. As you can see, the graph only goes up to the end of January, but we know that the phenomenon has got, much, much worse since then. Anyone who can has been getting their money out. Any foreign company doing business in Spain and Italy removes the money as soon as they get paid. Since no money system could tolerate such a sustained attack for long, the outflows are compensated for by “target 2″ inflows from the European Central Bank, which in turn borrows the money from the eurozone’s creditor central banks, in particular the Bundesbank. | Telegraph }
{ The Economic History of the Last 2,000 Years in 1 Little Graph }
