Reading that my first thought was "Wow, British banks are screwed."
It would be interesting to see how that compares to Greece, Spain, Italy, and other more troubled EU countries. The EU situation suddenly seems a lot scarier to me financially.
I should add that Steve Keen's writings on debt are absolutely must-reads for anyone interested in macroeconomic outlooks especially because he discards Neoclassical models in favor of debt-based models.
It would be interesting to see how that compares to Greece, Spain, Italy, and other more troubled EU countries. The EU situation suddenly seems a lot scarier to me financially.
I should add that Steve Keen's writings on debt are absolutely must-reads for anyone interested in macroeconomic outlooks especially because he discards Neoclassical models in favor of debt-based models.