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Alasdair Macleod, Michael Oliver & Nav Dhaliwal return. Financial markets are ignoring bearish developments in international trade, which coincide with the end of a long expansionary phase for credit. Both empirical evidence, from the one occasion these conditions existed in the past, and reasoned theory suggest the consequences of this collective folly will be enormous, undermining both financial asset values and fiat currencies. The last time this coincidence occurred was in 1929-32, leading into the great depression, when prices for commodities and output prices for consumer goods fell heav
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