From Ian Fraser Blog
''For the past 30 years, the global economy has built up increasingly vast amounts of public, private and household debt. This was to compensate for the fall in real wages and to avoid a repeat of the crisis of over-production of goods and services seen from mid-1970s to early 1980s; that is, to avert the classic cycle of boom and bust. To insure these mountains of debt, unregulated derivatives markets were allowed to exponentially grow from late 1990s to the credit crunch in 2007.''
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