quinta-feira, janeiro 19, 2012

It's the balance of payments, stupid!

FT Alphaville's article of 15-Dec-2011, shows the level net external asset/liability position of a number of countries, see

They also quote Carney, a former central banker of Canada that we have reached a"Minsky moment", when investors have to liquidate good assets at fire-sale prices in order to deleverage at any cost.

Or as the Portuguese saying goes, "quem compra o que não pode, vende o que não quer".