Viewpoint

Capitalism stands accused of all kinds of social and environmental transgressions and of milking society rather than nourishing it. Capitalism is in crisis and has to reinvent itself.

The outlook is grim and political leaders have at last gauged the magnitude of the problems they face. This should make the markets less unpredictable.

Thanassis Gontikas begins by showing how in one way or another we are all affected by questions of debt. Then he asks the billion dollar question: what is the right amount of debt? T.Gontikas analyses this question in a sensible and straightforward way, unclouded by overly technical considerations. Hedging his bets, he concludes that it depends on the specific situation.

Having lived in Greece for many years and having witnessed its unprecedented growth — a true metamorphosis of the country in the past 40 years — I can’t help but wonder what the next step will be.

We wrote in our last column that the credit rating agencies were watching America’s financial situation through a well-polished rear-view mirror. Thus we had no insider tip on the scathing condemnation issued by Standard & Poor’s. If the US does not start putting its financial house in order within the next two years, it will be stripped of its AAA credit rating. That’s quite the threat.