The world economy now has $3 trillion in “non-performing loans”. When the crash hit in the US in 2009, there were $1 trillion in bad loans worldwide. This $3 trillion figure includes the European share of bad loans at $1.3 trillion. This is not likely to get any better because of the right-wing political situation in Europe and state repression in reaction to “terrorist” attacks. Are we about to see the bust of finance capital?
The World’s oldest bank: Monte dei Paschahi de Siena
PHOTOGRAPHER: ANDREA LENSINI/CORBIS/GETTY IMAGES