Quite a few people on the internets have flagged Gavyn Davies’s article “You can’t solve a debt crisis with more debt” as worth reading.  I’ll add my two cents endorsement of it as one of the most sensible articles written about the global “debt crisis”.

The article is unusual in drawing to people’s attention that one person’s debt is another person’s assets and that simple moralising about debt levels being too high can forget to ask the deeper questions of who owes what to whom and for what purpose. Expect to see very few articles of this type as Europe, and in particular Ireland, debates the Fiscal Compact.