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crunch that began in the atlantic world in august 2007 is strange in its extraordinary scope and intensity. Mainstream discourse, referring to a ‘sub-prime’ crisis, implies that the credit crunch has been caused, rather than triggered, by a bubble in the real economy. this is at best naive: after all, the bursting of an equally large bubble in the spanish housing market led to no such blow-out in the domestic banking system.

Crise no centro: consequências do novo sistema de Wall Street