Standard & Poor’s decision to downgrade the credit ratings of nine Eurozone countries, including Austria, France, Italy, Spain, and Portugal, is another symptom of the contagious and vicious debt cycle…
The Global Financial Crisis should be called the Global Debt Crisis. Too much debt has been created and there is not enough productive capacity to pay the interest on the debt, let alone repay the loans…
While my recent commentary (here and here) demonstrates Australian housing is in a bubble, I have not explained where this situation has come from. Asset markets, in this case, property, are the subject…
The European Union is in crisis – yet again. If you enter “Europe in crisis” into Google, more than 655 million entries pop up. Europe’s current problems are being described as a Euro crisis – it is a…
French President Nicolas Sarkozy and German Chancellor Angela Merkel have announced a plan to impose a financial transactions tax (FTT) for the Eurozone, as part of an effort stem the bloc’s worsening…
The dramatic falls in share prices of Greek debt-laden French banks overnight highlights just how closely tied the current market chaos is to the world’s worsening debt woes. Market crashes like that of…
Despite the apparent disgust of many Americans and the contempt held by many outside observers, US politics is supposed to look this way – at least sometimes. The widely diagnosed dysfunction of the recent…
For some time, it appeared that the severity of the global financial crisis had created a compelling “learning moment” that promised to return the world to a more civilised form of capitalism. Insufficient…
Athens is no longer considered by scholars as the birthplace of democracy but all of a sudden it has become the epicentre of a powerful political earthquake rocking the foundations of every democracy in…