"The current crisis is not only the bust that follows the housing boom, it's basically the end of a 60-year period of continuing credit expansion based on the dollar as the reserve currency. Now the rest of the world is increasingly unwilling to accumulate dollars.''
~ George Soros, World Economic Forum, Davos, Switzerland
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Another article seeking to inform the public about the dire financial situation that currently exists and will have significant impact upon a great many lives. It also provides the reader with a rational for how the situation has developed. The author provides a great deal of clarity about the effect associated with bond insurers going broke or lacking capital (the author provides a quote for the stock price of MBIA that is dated; it has recovered from $10 to $16.22 on 1/29/06; still a VERY long ways from $68 !) And the quote from the economist Von Mises is both a 'nice touch' but also 'spot on' in context of the article.
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