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 | Our Financial House of Cards and How to Start Replacing It With Solid Gold Posted by William Dwyer on 3/26, 10:02am | |
| A credit crisis has been spreading through the economic system. It began with the collapse of the housing bubble, which was the result of years of Federal-Reserve-sponsored credit expansion. This credit expansion poured hundreds of billions of dollars into the purchase of homes largely by sub-prime borrowers who never had a realistic capability of repaying their mortgage debts in the first place. And, not surprisingly, large numbers of them in fact stopped making the payments required by their mortgages. | ||
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