{"id":5995,"date":"2010-02-05T10:30:22","date_gmt":"2010-02-05T08:30:22","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=5995"},"modified":"2010-02-05T10:30:22","modified_gmt":"2010-02-05T08:30:22","slug":"portugal-faces-the-rationality-of-markets","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2010\/02\/05\/portugal-faces-the-rationality-of-markets\/","title":{"rendered":"Portugal faces the rationality of markets"},"content":{"rendered":"<p><a href=\"http:\/\/www.ft.com\/cms\/s\/0\/76aa4a50-11d9-11df-b6e3-00144feab49a.html\">FT.com \/ Europe -     Portugal near political crisis over debt <\/a>.<\/p>\n<p>Portugal is facing a debt crisis. Whether justified or not I do not know: I am not an expert on Portugal and won't claim to be.<\/p>\n<p>But the follwoing is reported:<\/p>\n<blockquote><p>He [the Prime Minister] said Portugal had taken over from Greece as the main victim of the &ldquo;animal spirits&rdquo; of financial markets that were often &ldquo;irrational&rdquo;. The concern in the case of Portugal, he said, was not justified.<\/p><\/blockquote>\n<p>Now here't the rub: the markets may well be rational - according to their own highly perverse definition. Undermining states, democracies and currencies is completely rational following the logic of the market. If there's a financial gain to be had destroying well being is entirely rational according to currency and debt traders.<\/p>\n<p>Which is precisely why they need to be regulated quite differently.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FT.com \/ Europe &#8211; Portugal near political crisis over debt . Portugal is facing a debt crisis. Whether justified or not I do not know:<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2010\/02\/05\/portugal-faces-the-rationality-of-markets\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70,35,65],"tags":[],"class_list":["post-5995","post","type-post","status-publish","format-standard","hentry","category-banking","category-economics","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/5995","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=5995"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/5995\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=5995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=5995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=5995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}