In a wonderful New Yorker article titled “The Hangover,” Nick Paumgarten writes about the strange mix of private and government forces that led to the Spanish fiscal crisis. In a wonderful sentence, he evokes one such force, the almost invisibility of debt:
It is often hard to perceive an economic crisis. Debt doesn’t look like much. It has no shape or smell. But over time, it leaves a mark.
Quite a mark, indeed. And in my opinion, that stinks!
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