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without the offshoring of US jobs by US corporations and the offsetting growth in mortgage and consumer debt, there would have been no financial crisis as the Fed would not have created the credit and real estate bubble that led to the mortgage-backed derivatives.

substitute an expansion in consumer debt for the missing growth in consumer income in order to keep the economy growing

If gold and silver prices had been permitted to continue their 2011 rise, the corresponding decline in the value of the dollar would have affected the price of debt instruments, and the Fed would not have been able to keep bond prices high in the face of dollar decline. All indications of moves away from the dollar, whether stock market declines or rise in gold and silver prices, are offset by purchases of stock index futures or by shorts of bullion.