Ireland vs. Spain: Who is on the rebound?

Interesting post by New York Times writer Paul Krugman.

The Princeton economist and Nobel Prize winner for economics says that Spain is doing better than Ireland. Not a clean comparison, Krugman acknowledges. Ireland had a bigger bubble economy than Spain. So any turnaround for the PIGS is like being the tallest dwarf on the futbol team.

But the 10-year bond charts are interesting

If you look at the interest rates for bonds, EU financial markets clearly have less concerns about Spain than Ireland. Notice the declining interest rates for Spain. A very good thing in choppy waters.

Ronda's Flea-Market Economy

Outdoor flea markets are a big part of Ronda's pueblo economy.

They are hubs for bargains, bartering and social gathering. In most cases, there is a not a tourist in sight. And it's a part of the Ronda life that many travelers don't see.

The largest open-stall market takes place every Sunday, near Ronda's Supersol grocery at the city fairgrounds. About 60-80 open-air vendors sell locally sourced vegetables, fruits, cured olives, and roasted nuts. One day, I watched one grower run cured olives through a machine that automatically removed olive stones ... with mixed results, I discovered later.

A New Highway for Grumpy Old People

My guilty pleasure is watching grumpy old people. Usually from a bar stool or Costa cafe. I zero-in on old farts with a great sense of humor and great flair for the dramatic. British 'tut-tutters' who take their English breakfast with coffee and brandy. Drink pints of Campo after morning golf. Or complain how Spain and England are 'buggered-up', sipping gin and tonics under the Costa sun.

Of course, the Costa del Sol is not really Spain. It is Spain for expats. The real Spain is inland. Up the switchback mountain roads to places like the Genal Valley, Grazalema and mountain towns like Ronda, El Bosque and Zahara. Theses hideaway cities are ringed by mountains and form a natural barrier against unchecked migration.