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Alasdair Macleod & Corwin Coe return. Few understand the seriousness of the economic and monetary situation, whether a V-shaped rapid return to normality or a more prolonged recovery phase. A liquidity crisis that developed in the U.S. money markets five months before COVID-19 hit America has been forgotten. Only a rising gold price stands testament to a deeper crisis of contracting bank credit while central banks are trying to rescue the economy, fund government deficits, and keep the market bubble inflated. Next problem? A crisis in European banks, wholly unexpected by investors and deposito
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