My old friend and economist at FTI Consulting, Alison Sprague, drew my attention to this graph, suggested for the BBC TV programme “Newsnight” by her colleague Vicky Pryce:
There are several excellent graphs submitted by economists on the Newsnight website. A good chart tells you a great deal. In this case, the illusion that Germany, Greece, Ireland and Portugal deserved to pay the same interest rate on their government bonds. And the foolishness of markets in holding on to that belief for so long before eventually realising how absurd it was.