He hasn't been paying attention, then. I've written about what happened in Portugal a while back: http://the.taoofmac.com/space/blog/2012/08/24/2240
(HN thread here: http://news.ycombinator.com/item?id=4437887)
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And after 738 days we still haven't learned a thing. A large number of my friends and acquaintances in the "tech business" have already left or are planing to do so...