| Publication |
2008.
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| Summary/Abstract |
Ten years of excessive consumption have severely weakened the balance sheets of American households. And housing prices are likely to drop much further than they already have, leading to more defaults on mortgages. Banks will have a tremendous load of bad loans to write off, and they will require injections of public funds. The US government will need to seek support from other countries, which may be reluctant to buy bonds denominated in dollars. The prospect of a dollar crisis is upon us.
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