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For many years in economic terms – the word debt has been synonymous with South America, Africa and the Third World. We looked on and marvelled at the huge amounts of debt that Mexico and Argentina got into and wondered how they managed to get into that mess. Yet now we who live in North America and Europe are pretty much in the same boat. A lot of the causes are the same, ridiculous overspending by our governments and a rather ludicrous consumption driven lifestyle that many of us simply could not afford. We also of course had a huge selection of badly run and reckless financial institutions formerly known as banks.
You would have thought economists would have seen all this coming, but apart from a rare few – nobody was any wiser than the man on the street. The crisis in the Eurozone is now likely to affect the lives of each and every one of us for the foreseeable future. So it’s worth keeping up with events, maybe we can’t effect them but it’s got to be better to be aware of the facts. They are also very fast moving and of course we all have savings, debts, mortgages and pensions of our own to watch out for.
One of the best place in my opinion to keep up with events is the BBC website. It’s a well funded and impartial site which is updated 24 hours a day online with the latest news and events. It’s especially useful if you live away from your home country – I currently live in Turkey and the BBC Iplayer and website is a real lifeline for me. Normally the BBC Iplayer – which streams the shows and news programmes is restricted to the UK only but you can use a BBC web proxy to get access to. It’s worth investing in this neat little service as it also allows you to access live news broadcasts and shows from other media sites across the world like the US, Canada and Australia – more information here.