But something has gone wrong in the next cycle 2003-2007 ... .. We are always more energized during bullish but our relative strength is no longer the end of the millennium. What happened? Simply took the money other ways, it is cashed in another European country where much talk in recent years as the little engine of Europe: Spain. We see (Figure 4) that after a relatively quiet end of the millennium the Ibex after 2003 became the principal recipient of speculation. But even this explanation does not satisfy me, after 2003 we were now the most speculative but rode well to the cycle. Where we have lost so much and we are now bringing up the rear (Figure 5)? As shown in Figure 5 after the last downhill 2008-2009. Of course you would say, but why? The crisis was mainly financial and matrix of our index is composed primarily of banks and insurance companies with all the consequences. And maybe we also paid to the fact that we were the only nation in the world among the great, having suffered a year of recession in more . Check the 2 tables on GDP growth since 2000 and you will realize how we were in recession in 2008. If we wanted to also ask about what happened in the past 13 years to GDP per capita would have this situation. Since 1997 GDP per capita: U.S. - 4%, Germany -7.52%, France -6.1% UK -1.7% Spagna + 9 %, Italia -17 % .
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