The 2008 debt crisis continues to plague the world economy. The next wave is likely to break along the fault lines of highly levered households in China, Canada, Australia, South Korea, Belgium, Norway, Sweden and others. Collectively these countries represent the economic weight of the US. As in 2008, the cash crunch will be contagious.
Kingston University Economics Professor Steve Keen discusses the shortfalls of the European Union, why globalization must fail, and warns of major economies at risk of crisis. He speaks on “Bloomberg Surveillance. Here is a direct video link.
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