The history of lending, booms, the bust and why the cycle may not be infinite

Paper Promises: Money Debt and the new World Order

GRANDMOTHERS with no interest in algorithms or Wall Street have been telling us for years that profligacy could not last.

There were times when we wondered whether we really should be on that holiday in Miami when we normally went to Quinta Del Largo, or sat in a meeting when unimaginable sums were being committed to and we knew, deep down that we should have been more cautious.