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All this reminds me of recently when, on another blog, I said (in opposition to the desire expressed by Sarkozy in the campaign that France copy the credit systems of the UK and USA -in particular the possibility to back a consumption credit with the estimated increase in the price of your house) that there would probably soon be a massive debt crisis and that continental Europe, France in particular, would be relatively spared thanks to its "old fashion" credit system -because it didn't let household debt spiral out of control, in other words.

I was called a complete fool (by the same person, interestingly) both for believing that there would be a debt crisis and for reckoning that France would be relatively spared. I don't know how France can fail to be spared from something that doesn't happen, but well...

Amusingly, it seems that in a matter of weeks, it has become the standard view that a debt crisis is in the offing and that continental Europe would not suffer as much...

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi

by Cyrille (cyrillev domain yahoo.fr) on Thu Nov 22nd, 2007 at 01:37:44 PM EST

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