Estonia was late to the Euro game so it didn't get the property boom when effective borrowing rates went down a la Ireland and Spain. Also they're starting from a really low base so it's pretty easy to get 7% growth when you're starting from near nil.
Interesting that Jimmy Carter was pilloried for suggesting that Americans might have to accept lower expectations in exchange for a sustainable future. Here's an interesting look at the misnamed "malaise" speech. LINK
Carter was just making a typical Protestant preacher speech about delayed gratification and sacrifice for the common good. That's not surprising given that he was a preacher.
You want to know why tourism in Estonia is booming (and the influx of western money is helping the economy recover)? Here's some hints: It's a tiny country packed with some very fine ass.
No. You've never actually listened to the "Malaise Speech" have you? [YT="Carter Whines."]KCOd-qWZB_g[/YT]
So dirt poor but hot. No wonder they're all looking for foreign husbands or willing to fuck strangers for $50 a pop.
I saw the live version. In July of 1979, Carter already anticipated that a continuing and unchecked thirst for imported oil was sure to distort U.S. strategic priorities with unforeseen but adverse consequences. He feared the impact of that distortion on American democracy still reeling from the effects of the 1960s. So he summoned his fellow citizens to change course, to choose self-sufficiency and self-reliance and therefore true independence but at a cost of collective sacrifice and lowered expectations. from the article that you didn't bother to read
No doubt Skin is dreaming of an Estonian vacation right now if only he can save up enough from his job at 7-11. If he saves everything in his tip jar he might be able to afford the airfare in a decade.
Link that Carter was a preacher? That's common knowledge, dude, and one of his major selling points during the 1976 election especially in the south. Carter, with his religious credentials, was an attempt to break the Republican southern strategy where Republicans appealed to white racism in an attempt to get southern whites to switch parties. If you don't even know that much I don't know what to tell you other then crack a history book.
I know he was very religious, but he was (and still is) a Sunday school teacher, not a preacher. You don't have to be a preacher to teach a Sunday school class. In fact, I find no online references to him being a preacher/minister at all. None. But I knew that before I looked because I do know history, apparently better than you. Not only that, I was around when Carter was president and I'm pretty sure that if he were actually a "preacher", it would've been in the newspapers back then. You're the first person I've ever seen refer to Carter as a "preacher". Maybe you should crack a book or two yourself.
Australia had a large scale stimulus package and our economy is doing great. Now that has as much to do with high Chinese demand for raw materials, but it goes to show you can't use a single anecdotal example to prove an idealogical point.
No, my point was that you can't point to one economic policy and authoritatively say that is the reason. What else is going on in Estonia in terms of other policies? As a poor country are they a more popular tourist destination in times when holidaymakers are tightening their purse strings? What other industries do they have? FWIW though, it does seem to be the widespread opinion among economists both domestic and overseas that our stimulus package did prevent things being as bad as they could have been.
Spain and Iceland were both success stories very recently. Hell, even Greece - it's economy was fine for a decade when it went into the Euro. Of course, most of that was built by lies. The question is can they keep it going.
^ Greasy wops and dagoes wanting the fruits of a hardworking German lifestyle, without working hard like Germans. Two (British, Imperial not Red) Indian friends of mine hired some whores in Estonia who promptly stole their belongings including their passports. They were initially turned away from the consulate on suspicion they were asylum seekers.