the financial crisis in 2007 was because of the rise of private debt not public debt

but it is the public sector who is now being reduced to a nearly non-service level because of its debt and that debts was guaranteed by other overnight loans by shadow banking that was totally outside of the reglementation and oversight

source http://www.nybooks.com/articles/archives/2014/oct/23/why-werent-alarm-bells-ringing/?

 

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