Home sales plummet in Spain
http://www.businessweek.com/ap/financialnews/D8VLAP384.htm
Stock market's faults must be addressed
Once investor confidence is no longer as solid as it was, the market will only slide further. Seeing the market lose 40 percent from its peak within months only further dampens investor confidence, and this could lead to panic.
Central banks' preoccupation with inflation has blinded them to the dangers of unbridled credit expansion outside the banking system. These widely respected institutions have ushered in a largely unregulated credit system in North America and Western Europe and have promoted many complex financial innovations, including a dramatic expansion in the use of derivatives. At the same time, they have failed to grasp the significance of a vast increase in government debt. In helping governments to create an illusion of personal wealth and national prosperity, central banks have fostered the very conditions in which past financial crises have occurred.
Peter Warburton Debt and Delusion
Is the world waking up to that delusion?
