I nearly cried (really) when I read Mark Shuttleworth's eloquent and searing analysis of the United States financial crisis. He doesn't necessarily call it such, but he points to my country's failure in economic leadership...and the adverse consequences for the planet.
Underlying it all is a too-easy addiction to credit:
To make matters worse, a series of financial innovations created a whole industry designed to help people go back into debt on their houses. I remember trying to watch TV in the US and being amazed at the number of advertisements for "home equity withdrawals". They made it sound like turning your major personal financial asset - your paid-off house - into an ATM machine was a good thing. In fact, it was a means to spend all of your primary store of wealth. And with inflated house prices, it was a way to spend money that you did not really have. A convenient way to get into a deep, dark hole of family debt.… Read more