US and PIIGS Debt
An interesting and informative article, from which the image below is taken, is available from this link, its conclusion is as follows:
Conclusion
Since the world left the last vestiges of the gold standard in 1971, the global economy has been set adrift. The technocrats keep assuring us that they can steer the economy much more efficiently than the "obsolete" gold standard, and yet a continual series of crises suggest otherwise. We can achieve the dream of the euro — an integrated monetary union where people and businesses can plan their activities spanning several countries without fear of exchange-rate risk — without its attendant pitfalls, but only if people go back to using genuine commodity money.
Since the world left the last vestiges of the gold standard in 1971, the global economy has been set adrift. The technocrats keep assuring us that they can steer the economy much more efficiently than the "obsolete" gold standard, and yet a continual series of crises suggest otherwise. We can achieve the dream of the euro — an integrated monetary union where people and businesses can plan their activities spanning several countries without fear of exchange-rate risk — without its attendant pitfalls, but only if people go back to using genuine commodity money.
Government Debt as % of GDP, Annual Averages
posted by Martin at 2:28 PM
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