If you think the 'credit crunch' was just a passing phase at the end of the summer, think again. The US sub-prime crisis is just beginning to bite and worse is yet to come. It is not only the poor who owe to the banks - the financial institutions themselves owe to others, and the reality is, there's no money, just debts. And if you think it's just an American problem, look at how much of the property is owned by Deutsche Bank.
From the BBC:
A wave of foreclosures and evictions is about to sweep the United States in the wake of the sub-prime mortgage lending crisis.
This could destabilise the US housing market and may also lead to further turmoil in financial institutions, who collectively own $1 trillion (£480.6bn) worth of sub-prime debt. Read more
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