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All crisis have involved debt that, in one fashion or another, has become dangerously out of scale in relation to the underlying means of payment.
A Short History of Financial Euphoria
The world-renowned economist offers "dourly irreverent analyses of financial debacle from the tulip craze of the seventeenth century to the recent plague of junk bonds."—The Atlantic.
All crisis have involved debt that, in one fashion or another, has become dangerously out of scale in relation to the underlying means of payment.
