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Diverging Monetary Policies, Again
Doug Noland, www.prudentbear.com, 04/08/2011
In a lesson regrettably left unlearned, policymaking that spurs a cycle of speculative leveraging [as per U.S. Fed policy beginning in August 2007] lays the foundation for eventual de-risking, de-leveraging and liquidity crisis.
This is a dangerous period. Global liquidity is way too plentiful, while speculation has become too all-embracing and rewarding. Indications [...]
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