Abstract

Clifford, Dick The world outlook is rather grim. Greece is bankrupt, the efforts to cure the problem by making new loans to the banks and cutting living standards is likely only to postpone the date when bankruptcy is declared. Italy and Spain are in a similar position. Britain, Europe and the USA are loaded with debt, only a few countries like Iceland are adopting methods which are the reverse of what conventional economics requires and seem to be recovering from their problems slowly.