Greece is the word

In the second of a series on the markets’ downfall, David Young says unfettered borrowing and soft regulation caused the crisis. Political prevarication is deepening it further

KYLE BASS cares about sovereign debt, probably a lot more than you or I do. That’s perhaps the crux of the global financial crisis. You see, Kyle Bass isn’t your neighbour, nor ever likely to cross your path. Bass is a Texan hedge-fund manager, who has a phenomenal interest in the welfare of other countries’ fiscal fortunes.

Simply put, Bass has actually bet vast sums on states like Greece coming asunder and once the Greeks default — as perceived wisdom suggests, despite the bailout on offer — he’ll make even more absurd amounts of money on the back of this man-made disaster.