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How about this for good timing? America's central bank, the Federal Reserve, published a paper on 8 August (The Rise in US Household Indebtedness: Causes and Consequences) with the following, prophetic, words: "As illustrated by the recent developments among sub-prime mortgage borrowers, excessive accumulation of debt can, in some circumstances, lead to financial distress. Moreover, the reaction of financial markets to these developments raises the possibility that credit availability could be hampered for a larger group of households, which could, in turn, have effects on the broader economy."
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