Jonathan Ruffer

The debt crisis is far from over

Jonathan Ruffer argues that investors and depositors who were gulled into thinking mortgage-backed paper was riskless will not readily return to fund another boom

issue 17 November 2007

There is a lot of borrowing around these days. How can we judge this? Last year, total securities issuance came in at $11.5 trillion, about 25 per cent of world GDP according to IMF estimates. This statistic is every bit as batty — and as true — as the tabloid headline in 1989 that the Japanese Imperial Palace in Tokyo was worth the same as California.

GIF Image

Disagree with half of it, enjoy reading all of it

TRY 3 MONTHS FOR $5
Our magazine articles are for subscribers only. Start your 3-month trial today for just $5 and subscribe to more than one view

Comments

Join the debate for just £1 a month

Be part of the conversation with other Spectator readers by getting your first three months for £3.

Already a subscriber? Log in