Italy Joins The Two-Trillion Debt Club
As Monti, Grilli, and Berlusconi jockey for the headlines, the nation of Italy will surely be celebrating. Since debt is apparently wealth, the Italian nation has just joined an exclusive club of 'wealthy' nations as its total national debt blows through EUR 2 Trillion. With the trend now growing beyond exponential, having gathered pace since the crisis began in 2008, we suspect it won't be long before we see EUR 3 Trillion (of course entirely backstopped by FT's man-of-the-year Mario Draghi). It appears that it's not 'greed-is-good' but 'debt-is-good' that is the idiom of today's sovereign financiers.