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I think that the point about preferential treatment of property in the tax system is a more general one. Most countries provide significant breaks to owner occupiers, ranging from no capital gains on the PPOR through to interest being deductible against income tax. (The Dutch do this.) If...

There's an interesting, and very long, report on the McKinsey website about deleveraging debt in global markets. It can be downloaded from here: http://www.mckinsey.com/mgi/publications/debt_and_deleveraging/index.asp Somethings that caught my eye: Total debt (government, private...