New Zealand Said No to Economic Death by Debt, Why Can’t We?

Floy Lilley writes: Anyone reading news feeds on the global financial crisis is painfully aware that the world as we know it is rapidly destabilizing. Bottomless debt is gaping open in unfamiliar terrain like crevasses in Ruth Glacier near the end of June. Europe debt woes have pummeled the euro and Asian shares. Eurozone taxpayers are now extremely exposed to high credit risk, leading to a panic in the world markets, as foreign holders of Greek and Portuguese debt have seized on emergency intervention by the European Central Bank to scamper out of their positions. The chief executive of Deutsche Bank said it would require “incredible efforts” by Greece for its debt to ever be repaid in full.

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