6 Sep, 2011
No end in sight for crisis of Western capitalism – People’s Daily Online
Recently a series of shocking incidents have happened successively in the West. The US credit rating was downgraded for the first time in a century. The European sovereign debt crisis keeps worsening. A shocking terrorist attack hit in Norway. A serious riot of a kind not seen since the early 1980s broke out in England. All kinds of plights and turmoil show that the Western countries are experiencing a profound institutional crisis after being hit hard by the international financial crisis.
After the financial crisis, the financial deficits and sovereign debt in the Western developed countries climbed to the highest since the end of World War II. The debt’s proportion to GDP increased by 21 percentage points. More than half of the US states are heavily in debt. Some states are on the verge of bankruptcy and have to live by relying on borrowing money.
via No end in sight for crisis of Western capitalism – People’s Daily Online.
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