Rising defaults in NSW. Join discussion...

From the NY Times - a visual guide to European (and global) debt Join discussion...

"The world's wealthiest families have embarked on damage limitation rather than seeking to boost their fortunes as financial turmoil erodes their riches, with some so worried they are putting their money in 'catastrophe' portfolios". The "catastrophe portfolio" allocates one third of money to gold, one third to defensive and internationally diversified blue chip company shares and a third to the debt of ultra safe developed countries." Join discussion...

Put on your seatbelts on Sept 20! Join discussion...

Brief theory about banks using Governments to capitalise on asset ownership Join discussion...

Michael Hudson discussed why "About 75% of Iceland’s voters turned out on Saturday to reject the Social Democratic-Green government’s proposal to pay $5.2 billion to the British and Dutch bank insurance agencies for the Landsbanki-Icesave collapse." Join discussion...

"THOUSANDS of mortgage holders are dipping into superannuation in a bid to avoid losing their homes. ... About $75 million is expected to be released this year to home owners as a last resort to meet overdue mortgage payments and avoid foreclosure." Join discussion...

"The finances of private tenants [in the UK] deteriorated in December, with nearly 12% of all rent unpaid or paid late." Join discussion...

"New Zealand's largest independent finance company, South Canterbury Finance (SCF), has called in receivers McGrath Nicol after failing to secure new investors. The move will shock the South Island rural economy and triggers a NZ$2 billion payout to investors under the government guarantee, including to speculators who bought bonds on the market at effective yields of up to 40%." Join discussion...

"Real estate professionals call it "buy and bail," acquiring a new house before the buyer's credit rating is ruined by walking away from the old one because it's "underwater," or worth less than the mortgage." Join discussion...