THE FREE MARKET CONSENSUS 1989-2008: RIP

By DICK MORRIS & EILEEN MCGANN

The subprime mortgage crisis is only the Sarajevo which caused the financial collapse. The real reason is the massive explosion of debt at all levels and in all forms that has engulfed the world. Since 1992, the total of debt in the world has gone from a level equal to global GDP to a level that is now 3.7 times as much as global GDP. This debt explosion, explained in Charles Morris' book (no relation) The Trillion Dollar Meltdown, consists not only of mortgages, but bonds for... more