The bubble economy of the last decade burst in 2008, spreading disaster around the world. Developing countries are being heavily penalised by the crisis, even India whose economy is comparatively more insulated from global markets. The sharp drop in growth registered in almost every nation already has had a harsh impact on the poor, apart from exposing the unsound and fraudulent aspects of the US-led financial system, largely based on unsustainable debt expansion backed by virtual asset creation and credit jugglery.
