I have mentioned before, that I do not particularly like Acting Man/Pater Tenebrarum’s approach to economic reporting; they are incorrigable goldbugs and they have some serious ideological problems with social safety nets – their invocation of Socialism! Socialist! Marxist! is just ridiculous. And I don’t know if it is a sense of humour on their part but they for instance connect the former accusations to the ‘obvious’ Dutch Economic Policy Research Centre (or what is it officially), i.e. the Centraal Planbureau or literally Central Planning Bureau. This name really reflects 1950s-1970s economic thinking and has never had anything to do with Communist institutions of the same name. But the good Pater doesn’t know that obviously.
That being said, AM does also have good, data-based reporting, and today’s data on the Netherlands is such a case. I disagree with their interpretation regarding inflation/devaluation and ECB, but the important part is the data on the Dutch housing market. The crash is really quite worrisome, and as Ambrose Pritchard-Evans has also pointed out, there will be more and more mortgages ‘under water’, which puts incredible strain on the banks. Similarly, and relatedly, private debt is, as shown in the post, much higher than it even was in Ireland. This doesn’t bode well, given how quickly the unemployment rate is going up at the moment! Acting Man points out core problems with the tax constructions that were/are possible in the Netherlands. And indeed, the Netherlands seems to be a ‘worse offender’ than Cyprus, regarding tax evasion, Russian money etc.
You can’t be very happy about the euro given these developments.