As the great economic power congregate at London at about a week's time, it is time to take a look at this strange periodic economic disaster,which like its natural counterpart,man has been unable to contain.
USA has spent about $700 billion in Iraq,money gotten from external borrowing. the boom in American spending was financed from borrowed spending. To paraphrase an American President; nations like families can survive on borrowing for a while, but eventually it will go broke. the boom before this burst was a pyramid-Ponzi scheme.
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