: A modern housing-led crisis that required massive government bailouts and "quantitative easing" .
: Spending less to reduce debt, which is often deflationary and painful . Big Debt Crises
: Credit disappears, asset prices crash, and interest rates hit 0%, making standard monetary policy ineffective . : A modern housing-led crisis that required massive
According to Ray Dalio , most debt crises pass through these distinct phases: asset prices crash