Another bubble set to burst
Today’s FT cover-story probably wins the prize for Most Worrying News Item of the Day: “Lenders in Europe are bracing themselves for a rising wave of consumer debt defaults as the credit card crisis that has caused billions of dollars in losses among US banks spreads across the Atlantic. The International Monetary Fund estimates that of US consumer debt totalling $1,914bn, about 14 per cent will turn sour. It expects that 7 per cent of the $2,467bn of consumer debt in Europe will be lost, with much of that falling in the UK, the continents biggest nation of credit card borrowers. National Debtline of the UK said that the number
