India, Italy, Brazil, China and Spain or how sovereign debt smashed BRICS and deflated the EU dream

The financial crisis of 2007 wiped trillions off our global financial ledger. National economies reeled in the wake of banking’s biggest boo-boo since Reagan’s deregulation of the American Savings and Loan industry triggered the failure of almost two-thirds of the 3,234 savings and loans institutions in the United States from 1986 to 1995. Now, sovereign debt threatens to break the back of our world economy. How did we get here?