it wasn't a "financial crisis", it was a banking crisis. Other sectors were
continuing to go about their business with growing food, constructing
infrastructure and houses and educating people.
That is, useful stuff.
+Thou Art Thatone of the underlying problems is that the current funds in the world are not enough to pay back the loans and pay off the interest on all debt, should everyone immediately decide to get rid of their loans. Because debt has become money supply debts can in fact never be paid off. They have to be nullified and they are from time to time.So I agree, not only a "banking crisis" but also a "debt crisis".
2008 may be termed a 'banking crisis', but it was the herald of and I think a symptom of 'financial crisis'. A 'sovereign debt crisis' currently. A 'currency crisis' to follow? Unsure what the underlying problem is?
Our live chart shows that the world economy is on an upswing. But the
progress is threatened by trouble in Crimea and uncertainty over Russian
energy to Europe //econ.st/1l4wKSv
+adamcrookedsmile I understand your point but I am doubting that even sanctions would deter him if that really was his plan (which I do not hope, of course). The Baltic states are NATO territory anyway, which means that war would be inevitable. I do not believe that Putin intends to do that. He might be cold-blooded, but he is not stupid.
+Gabriel RüeckI think the sanctions are designed to stop Putin from sending his troops into the rest of Ukraine, Moldova and the Baltic states. Crimea is Russian and there is not much to do about that now.
I am afraid that we [the West] cannot do much about the annexion of the Crimea. Sanctions or much noise at the UN will not make Russia withdraw from Crimea. That might be lamentable, but it's a fact.However, if the West continues with sanctions, the energy security of course might suffer.
GORDON CHANG - AUTHOR, "THE COMING COLLAPSE OF CHINA" - CAMBRIDGE HOUSE LIVE
An interview with acclaimed China watcher Gordon Chang. Is China "Dubai times 100?" Is the political system ready for a meltdown? Could it really be possible ...
Yes, China is running out of cheap labour now. But since this video has been posted, China added 30 million university graduates into work force and 80% of them major in science and technology. So the economy will evolve when you having more graduates and less labours.