Sweet alchemy of bankruptcy may lift economy from deathbed
New bankruptcy rules could transform the power play between bank and borrower
THE debt crisis is both personal and national. What becomes of our national debt remains to be seen.
It is a central principle of economic theory that a national debt in excess of the wealth created by a country in one year is unsustainable.
As our national debt is far in excess of this, we must hope that general economic theory does not apply to us – or we must pray for a miracle.