What's Green and Goes Pop?

Illustration for TIME by Harry Harrison

At the heart of the credit crunch now afflicting the global economy is the bursting of a great housing bubble throughout much of the developed world. Bubbles are, of course, as old as capitalism itself. Many of us in England recall learning at school of the great South Sea bubble of the early 18th century. But they seem to be coming more frequently nowadays. The housing bubble has burst only a decade or so after the Internet and tech-stock bubble. So we may not need to wait all that long to see the next one. And the most likely candidate is...

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