The US credit system is in the midst of its third credit crisis since the advent of the Federal Reserve.
The first credit crisis was a deflation that morphed into the Great Depression. (See Rothbard's: America's Great Depression.)
The second credit crisis manifested itself in the stagflation of the 1970s. (See Rothbard's: For a New Liberty Chapter 9.)
This credit crisis began in 2000 and was greatly exacerbated by the housing bubble of 2001 to 2007.
All three episodes were the inevitable result of the prior credit inflation orchestrated by the Federal Reserve System. (more)