An Illustrated Guide to the Coming Real Estate Collapse. May Issue of Harper's featuring Michael Hudson's lead article on America's housing bubble.

Never before have so many Americans gone so deeply into debt so willingly. The bait is easy money. The trap is a modern equivalent to peonage.

Hudson breaks down this housing crisis into 20 reasons why the problem is bigger than many think and highlights the fast appreciation of land.

Harper's Magazine Vol. 312, No. 1872 May 2006