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Showing posts from December 23, 2012

Global Economic Crisis – The Crises of Debt

Global Economic Crisis – The Crises of DebtThe summer of 2011 was the 4th anniversary of the global financial crisis. However 2011 may go down in the history books for something very different. On the 5th August 2011 the communists of China gave the Capitalist world a dressing down. It was the day the communists told the capitalists in the west how to run their economies as America's lost its triple A credit rating. This time last year the global economy was struggling to grow, the multilateral approach that had characterized the early response to the financial crisis was beginning to unravel as more and more nations were turning to economic nationalism and the currency war between the US and China was reaching fever pitch.Since the global financial crisis began in 2008 the end to the crisis appears as distant as ever and in 2011 further cracks have appeared.To remind us of how we have got here – growth in Western economies in the last decade was driven by the real estate bubble w…