Bubble Trouble in the Humanities

Philip Gerrans
The cause of the meltdown in global financial markets is obvious: leveraged trading in financial instruments that bear no relationship to the things they are supposed to be secured against. When creditors finally ask how much bonds secured by collateralised debt obligations backed by billions of dollars of mortgages are actually worth, the answer is what the buildings can be sold for. In some cases, nothing. In many cases, the buildings are no more than weed-covered lots or graphics in a developer’s PowerPoint presentation. Article originally published in the Times Higher Education.
Full report on the University World News site
Source: University World News, EducatioIssue No: 0086 26 July 2009