China’s $1.7 trillion hangover

China’s $1.7 trillion hangover

Up to 40% of China’s $1.7 trillion LGFV loans are at high risk of default. What’s a panicking Beijing to do?

The truth about Asian investment banking

October 2007

Royal roots of sub-prime default

by Rachel Wolcott

It seems as if the sub-prime market implosion might have roots deep in the proverbial mists of time.


Far from being a 20th-century innovation, our taste for leverage could date back to the Middle Ages. In fact, two UK-based academics are looking into whether 14th-century English monarchs were the original sub-prime borrowers.

While the Queen Mother’s fabled overdraft at Coutts was fodder for...


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