On Feb 12, 2008, at 4:49 PM, ulisse mangialaio wrote:
> you need not be a sub-saharian country to lapse into obedient
> passivity under the heel of debt.
>
> much can be said about the last twenty years of italian politics,
> but i have hunches that, if the burden of public debt, which is now
> held at fifty percent by foreign investors, were not so heavy, the
> centre-left governements would have managed to reform the country
> for better.
Yes. Italy is a perfect example of the dangers of debt. A G-7 country with some real economic assets, but under the gun of creditors. And it was political incoherence and weakness that led to the accumulation of debt in the first place, wasn't it?
Doug