CAROL PATON: A house of cards with bills for walls

What happens when everybody owes everybody and no-one can pay? Usually a crash.

That is what happened in 2008 in the global financial crisis, when subprime mortages were packaged, insured, sold and resold. The whole system came down when the defaults began and people at the bottom could not pay their mortgages.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

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