10-10-2012, 12:45 AM
Well, it's actually not terribly complex. The US and Spain both suffered similar crisis, a debt infueled housing bubble that collapsed, leaving bank and household balance sheet ravished. Spain embarked on euro induces severe austerity while in the US, fiscal policy has only been a mild drag lately. Spain cannot embark on monetary stimulus, nor devalue, the US can. And there is no question which economy fared better..

