America came frighteningly close to economic Armageddon in 2008. “The nation is gripped by the worst financial crisis since the Great Depression,” the New York Times wrote Sept. 20, 2008. “Before Thursday night, when the Treasury secretary, the Federal Reserve chairman and leaders on Capitol Hill proclaimed their intentions to take over bad debts, the prognosis for the American financial system was sliding from grim toward potentially apocalyptic.” A former vice chairman of the board of governors of the Federal Reserve said, “It looked like we might be falling into the abyss.”
Read more at “The Only Solution to Our Financial Crises”