Since the 1980s, the US has incentivised debt over savings for both consumers and corporations

and encouraged the growth of a financial sector that has repeatedly brewed up asset bubbles to support the spending that real economic growth could not.

 In fact, the decade between the 2008 financial crisis and this one saw the creation of a vast asset price bubble in just about everything. 

 That bubble is now bursting


Rana Foroohar is Global Business Columnist and an Associate Editor at the Financial Times

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