There are a lot of moving parts involved in the current, sputtering condition of the economy, which can't yet be declared a recession but may well become one. I'll summarize as best I can. Very cheap credit led to a housing upturn, which became a boom, which became, in many parts of the country, a speculative bubble. The cheap credit was the result of a number of factors, including lax monetary police at the Federal Reserve, but of high importance were the huge foreign exchange reserves accumulated by a number of commodity-exporting nations, which led to a global savings glut. …
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