Posts tagged the_long_depression

The rather interesting blog The Map Scroll has a post on Why We’re Fucked, that is, the world’s humungously uneven Balances of Trade.

You already know the United States owes a lot, China is owed a lot, however the true story lies here, in a per-capita account balance map. Americans and Australians, still not surprisingly, consume a real lot more than they can afford, but who else? Iceland, also not surprisingly is a black hole of deficit, but then come Greece, Spain and good old Portugal. Whaa? Us Portuguese spending far more than we can? No way, I’m sure we earned all those German automobiles with hard labour!