The party is over: The coming financial reckoning

A confluence of factors may presage a crisis on a scale not seen since the 1930s

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"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought" -- Rudiger Dornbusch. © Reuters

Satyajit Das, a former banker, is the author of "Traders, Guns & Money," "Extreme Money" and "A Banquet of Consequences: Reloaded."

The global financial system is entering an unparallelled crisis. Investors, long conditioned to treat setbacks as buying opportunities, are failing to grasp that a convergence of forces is bringing their long-running party to an end.

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