Credit markets around the world have seized up in the face of a number of interconnected issues. The problems: the US mortgage fiasco, the decline of the US housing market, securitization without transparency much less accountability, with oversight nowhere in sight. Combine these issues with the rising prices of oil and other commodities, especially food; throw in cash shortages and busted balance sheets, and all these vectors have assembled to enable the perfect fiscal and economic storm. Its all an ecology, even a global 'climate' disequilibrium.
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