But a new obstacle has arisen: Congress has approved two bills whose effect is to reverse the recent repeal of a bankruptcy law which favoured debtors attheexpenseofbanks.
This time real estate is staying depressed for one reason, the U.S. Government and the big banks decided that the big banks should be saved attheexpenseofthe real estate market.
In neighbouring Saudi Arabia, reports suggest an indebted family conglomerate is trying to resolve its debts by favouring local banksattheexpenseof foreign ones.
To Mundell, constantly changing exchange rates are just an opportunity for banks and hedge funds to make money attheexpenseof people doing business internationally.