The Global Debt Machine Digests Another Crisis
Whether it's the S&L crisis of 1989, the Asian debt crisis of 1998, the "tech wreck" of 2000, or the American subprime mortgage crisis of 2007, investors tend to look at the proximate causes and solutions of each crisis as unique. However, the problem, the solution, and the outcome are fundamentally the same in every case: Speculators get carried away with enthusiasm for one asset class; then, rather than letting the market sort out the winners and losers, a set of fiscal and monetary tools put in place during the Great Depression is used to "get us beyond.....