>> I believe this has long been a cycle that existed in ancient times. There must have been a major credit crisis in ancient times before recorded history. Hammurabi’s legal code is based upon a legal code that was at least 300 years older. The legal code of even Hammurabi reflects that there were put in place wage and price control implying that there were financial booms and busts that must have existed. His legal code establishes legal maximums on interest rates and the value of commodities. But he also established contract law. The terms of any deal had to be written down. There was no tolerance for claims that were just verbal due to corruption. One legal case I studies was fascinating. A man sold his house and took the door. There was a shortage of wood and the door was worth more than the mud-brick house.