Come on baby
Come on, come on darlin'
Let me steal this moment from you now
--Kate Bush
Note the step change higher in country-level debt in 2008. That's the effect of socializing losses during the credit collapse. The chart shows that this was not just a US thing. It was a global phenomenon.
Note also that the US debt:GDP puts us in some shady company.
Note also that the US debt:GDP puts us in some shady company.
In 2008, private debt problems were handed to the countries. When countries have sovereign debt problems, who can they hand their problems to?
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News reports yesterday that China was considering purchasing Italian debt reversed fortunes on the DJIA in late Monday trading
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