The bankrupt saving the bankrupt
by Egon von Greyerz
Who will save the UK?
Last month we said that the UK will follow Iceland in a hyper inflationary financial depression. Just one month later our predictions are being confirmed both by events in the UK economy as well as by forecasts from the IMF several economists and money managers.
If we look at the chain of UK debtors, every link is on the verge of bankruptcy.
The UK consumer debt is higher than GDP and unsecured personal debt is twice the level of the rest of Europe. The UK consumer debt has been built up during good times and there is no possibility that this
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