06/15/10 Stockholm, Sweden – It seemed simple enough… “bailing” out a few megabanks to keep the entire financial system afloat. And yet, it turned out to be not so simple to save the world. Instead, global governments may have only managed to flood their own balance sheets with bad debt.
Now, governments and banks both risk submerging… and may soon to join the little guy already deep underwater, swimming in red ink with the sharks.
This telling look at debt came to our attention via The Big Picture.
Rocky Vega
Rocky Vega is publisher of The Daily Reckoning. Previously, he was founding publisher of UrbanTurf and RFID Update, which he operated from Brazil, Chile, and Puerto Rico, and associate publisher of FierceFinance. He specialized in direct marketing at MBI, facilitated MIT Sloan School of Management programs, and has been featured on CBS. Vega graduated with honors from Harvard University, where he was on the board of Let’s Go Publications and directed business programs involving McKinsey, Goldman Sachs, and Harvard Business School faculty. He is also enrolled at the Stockholm School of Economics.
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That’s funny. And sad.