Many have given their erudite opinion on the possibilities of a prolonged and sluggish recovery.

Now Dubai (nobody had them on their cards, everyone thought East Europe would be one of the first big losses /sovereign debt) and its associated construction boom is likely to put a deep dent into many banks balance sheets. Thus less likely to lend out money to productive investments in the economy, generating employment.

First the financial crisis, then the economic crisis, then the social crisis. That is my prediction, the longer we are in this hole others have put us, the higher are the risks of social upheaval. Because we can’t nothing for it. It was them we don’t know about.

Debt, Debt, Debt, more detailed debt.