tragicomix

100% Yields on Ecuador Bonds: A Sign of the Times

And $2.8 trillion (official estimate) of sub-prime home loans plus another $1 trillion of credit card debt, a lot of it sub-prime and possibly other sub-prime loans masquerading as conforming loans backed by Fannie Mae and Freddie Mac --- all created plenty of GDP growth in the US. As did and does the expenditure on the Iraq war and salaries paid to government officials. To the best of my knowledge the public sector is largest in the EU, not in Lat America. So what is the new thing, if any, that are you trying to say?