Asia Times Online, 25 Apr 2009, Chan Akya
From the beginning of the current financial crisis in mid-2007, the UK has been in the forefront of disclosing poor performance from its financial institutions, admitting to significant policy errors, and embarking on reckless monetary expansion.
Even forgetting the factors that led the economy into the crisis, it is the combination of factors being put into place today that will ensure that the economy stays down and finally lead to a sovereign bankruptcy; in most likelihood the first one of the Group of Eight countries. Russia brought the number in this select club of so-called leading industrialized nations up to eight when it joined the Group of Seven - the others being the US, Japan, Germany, the UK, France, Italy and Canada.
The UK has a higher chance of busting through its debt financing requirements, and so being rejected by the international financial community, than any other G-8 nation.
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