Let us begin with a simple truth – debts which cannot be paid, will not be paid. The only question is how to keep the (developed) world from social collapse whilst the process of (bottom line) default is undertaken. a) National debts. The answer for debtor nations is simple, and there can be only one [...]
Congress is lurching toward legislation to renovate the financial-regulatory system to reduce the risk of another devastating crisis. Finally, the unveiling of a 1336-page bill by Sen. Christopher Dodd, the Connecticut Democrat who chairs the Senate Banking Committee, was significant. The move showed he is determined to move a bill through the committee despite his [...]
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