Sunday, January 25, 2009

Notes on the credit crunch.

"The entire Anglo-Saxon economy - possibly the global economy, if you account for the fact that China’s economic miracle relies a great deal on selling Americans cheap goods - is a Ponzi scheme built on houses. US and UK consumers borrowed increasing amounts of money that many of them couldn’t afford to repay, driving up the prices of already overvalued houses."
Merryn Somerset-Webb, Money Week

No comments: