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ions by investment booms and financial crises initiated by capital investment typically from London or New York; a process documented beautifully by Reinhart and Rogoff in 'This Time is Different' [Reinhart & Rogoff 2009]. One aside with regard to the use of the word capital, which in international econo
es issued in various different countries in Europe. 6.3.5 here [Hess & Holzhausen 2008] The mainly variable countries are Greece, Spain, Ireland, Luxembourg, Portugal, Finland and the UK. This pretty much speaks for itself. The solution to this is trivially straightforward. All loans that are secured ag
old of 90 percent of GDP. Above 90 percent, median growth rates fall by one percent, and average growth falls considerably more. We note that while Reinhart and Rogoff’s observations are based on ‘gross debt’ data, in the U.S., debt held by the public is closer to the European KP countries’ definition of
vak Republic Portugal New Zealand OECD average Finland Iceland Sweden Australia Denmark Netherlands Germany France Austria Canada Switzerland Norway Luxembourg Note: OECD data adjusted for Purchasing Power Parity. *Total expenditure on health measures the final consumption of health goods and services (i.e.
old of 90 percent of GDP. Above 90 percent, median growth rates fall by one percent, and average growth falls considerably more. . We note that while Reinhart and Rogoff's observations are based on ‘gross debt’ data, in the U.S., debt held by the public is closer to the European countries’ definition of gov
ary Sweden ; 20 Germany Denmark 21 Spain Czech Republic 24 Poland France 22 Poland UK 22 Denmark Iceland 23 Italy Hungary 23 Italy Sweden 24 Portugal Luxembourg 24 Greece Austria 25 Greece USA 25 Portugal Portugal 26 Luxembourg Ireland 26 Luxembourg Slovak Republic 27 Mexico Portugal 27 Mexico Italy 28 Spain
Entities connected to both Reinhart and Luxembourg

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