Financial Times, senior columnist Martin Wolf wrote: "[T]he idea that a quick recession would purge the world of past excesses is ludicrous. The danger is, instead, of a slump, as a mountain of private debt—in the US, equal to three times GDP—topples over into mass bankruptcy ... Globalisation would spread the catastrophe everywhere. Many of the victims would be innocent of past excesses, while many of the most guilty would retain their ill-gotten gains. This would be a recipe not for a revival of 19th-century laissez faire, but for xenophobia, nationalism and revolution." --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum
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