The typical American family now earns what it did in 1996 allowing for inflation - yet they have more/bigger cars, more/longer holidays, more/better technology .... because they borrowed on their assets (mainly their home).
The same is true across the western world.
The result?
The current economic crisis as the 'chickens have come home to roost.
We can't spend money we don't earn (as individuals or as nations) and expect it to go on for ever.
I bet your mum and dad told you that.
Pity your government - and your bank - didn't!
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