It is little wonder that banks are reluctant to offer credit to the citizen, to businesses or to each other when bearing in mind the level of debt that currently exists. Official estimates of the American debt currently sit at $10.6 Trillion Dollars. A boutique investment analyst in Moscow considers the US debt to be nearer $11 Trillion dollars. However, two well known US investment banks are far less optimistic and unofficially estimate the debt level to be $26 Trillion Dollars, in effect 250% of US GDP.
In the UK, informed sources place UK debt levels nearer £2.5 trillion pounds. By the way, the UK’s GDP stands at about £1.5 trillion pounds.
What debt are we talking about? – Housing debt, credit card debt and debt ridden financial instruments, such as derivatives, all of which undermine the confidence of the market.
What value is better [...]

Turbulent times in my mother-country.  Recent discussions with Russian and Americans as well as Georgians confirm the suspicion the Georgia’s turbulent relationship with Russia has little to do with democracy but a great deal to do with ensuring that former USSR territories are kept in Western hands, so that natural resources, particularly oil, flow freely to the West without paying any duty to the Russians.
Looked at closely it’s evident that the current Georgian President, Saakashvili has behaved like an autocrat not a democrat.  He has closed down newspapers, bullied  the media, locked up many dissidents who are  supporters of democracy and has now even imprisoned the son of Gamsakhurdia, the very first president of Georgia after the break  up of the Soviet Union.  In point of fact, his attack on South Ossetia is just one of a series of similar attacks.
The Russians had little [...]