----- Original Message ----- From: "Dennis Robert Redmond" <dredmond at efn.org> To: <lbo-talk at lists.panix.com> Sent: Friday, August 16, 2002 4:40 PM Subject: Re: "Wake-up call sounds for U.S. workers"
> On Fri, 16 Aug 2002, Michael Pollak wrote:
>
> > I don't understand -- whence this idea that Sweden has big problems?
>
> It doesn't, of course. But Sweden did go through a nasty stretch in the
> early 1990s, due primarily to a proto-Thatcherite deregulation/bubble
> boom/bust of the real estate market. They had to nationalize the banking
> system and devalue the kronor.
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I thought it had to do with soaring German interest rates due to reunification which inadvertantly caused a run on the krona because the Finns had floated the markka. Is that explanation wrong?
Ian