{"id":4103,"date":"2018-07-07T21:12:20","date_gmt":"2018-07-07T21:12:20","guid":{"rendered":"https:\/\/www.novonon.com\/blog\/2018\/07\/07\/global-link-from-housing-in-america-the-economist\/"},"modified":"2018-07-07T21:12:20","modified_gmt":"2018-07-07T21:12:20","slug":"global-link-from-housing-in-america-the-economist","status":"publish","type":"post","link":"https:\/\/www.novonon.com\/blog\/2018\/07\/07\/global-link-from-housing-in-america-the-economist\/","title":{"rendered":"Global Link From Housing in America – The Economist"},"content":{"rendered":"

(2016)<\/p>\n

\n

WHAT are the most dysfunctional parts of the global financial system? China\u2019s banking industry, you might say, with its great wall of bad debts and state-sponsored cronyism. Or the euro zone\u2019s taped-together single currency, which stretches across 19 different countries, each with its own debts and frail financial firms. Both are worrying. But if sheer size is your yardstick, nothing beats America\u2019s housing market.<\/p>\n

It is the world\u2019s largest asset class, worth $26 trillion, more than America\u2019s stockmarket. The slab of mortgage debt lurking beneath it is the planet\u2019s biggest concentration of financial risk. When house prices started tumbling in the summer of 2006, a chain reaction led to a global crisis in 2008-09. A decade on, the presumption is that the mortgage-debt monster has been tamed. In fact, vast, nationalised, unprofitable and undercapitalised, it remains a menace to the world\u2019s biggest economy.<\/p>\n<\/blockquote>\n

https:\/\/www.economist.com\/leaders\/2016\/08\/20\/nightmare-on-main-street<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(2016) WHAT are the most dysfunctional parts of the global financial system? China\u2019s banking industry, you might say, with its great wall of bad debts and state-sponsored cronyism. Or the euro zone\u2019s taped-together single currency, which stretches across 19 different countries, each with its own debts and frail financial firms. Both are worrying. But if […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-4103","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p3pfIY-14b","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/www.novonon.com\/blog\/wp-json\/wp\/v2\/posts\/4103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.novonon.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.novonon.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.novonon.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.novonon.com\/blog\/wp-json\/wp\/v2\/comments?post=4103"}],"version-history":[{"count":0,"href":"https:\/\/www.novonon.com\/blog\/wp-json\/wp\/v2\/posts\/4103\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.novonon.com\/blog\/wp-json\/wp\/v2\/media?parent=4103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.novonon.com\/blog\/wp-json\/wp\/v2\/categories?post=4103"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.novonon.com\/blog\/wp-json\/wp\/v2\/tags?post=4103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}