Too much debt and not enough cash
Nixon created a way for the U.S. to print its way out of debt.
The boom continued as long as the world accepted our funny money, money backed by nothing but a promise by U.S. taxpayers to pay the bills of the United States.
Blinded by greed and easy credit, however, many people either didn't see or ignored the dire warning signs such a system created.
Too much debt and not enough cash.
As the financial crisis spread, millions of people lost their jobs, their homes, their savings, their college funds, and their retirements.
Those who so far have not lost anything are afraid they might be next.
