A Neat Graphic from the New York Times

Almost certainly, because of the shenanigans involved in the funny-money capitalisation of banks and the manipulation of East Asian and Russian funds the web of debt has got worse in the past year. However, I thought that readers might like to have a look at the graphic below as it illustrates the previous story.

There's something rather karmic about the trap that Western states have got themselves into. Having allowed Africa to be held hostage to private banks until Gordon Brown and others released indebted states from the London club and Club de Paris at the turn of the century, the Europeans are now staring at their own version of banking badness. Any debt-swap would have to suspend rights of private property, nationalise bank debt, and impose cancellation in violation of most of the precepts by which the southern continent was starved for six decades; and it would have to do so in violation of the emerging powers and the corporate syndicates that run the USA. It's no wonder that wise people note how often monetary unions end in tears....