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Thursday, July 02, 2009

Is the Great Recession over?

Or has it just begun?
Is it possible that the credit expansion that began after WWII and lasted until 2007…taking the debt-to-GDP ratio from about 150% to 360%…has contracted in the space of 24 months? Have the mistakes of the Bubble Epoque been corrected already? Are household balance sheets back in balance?
--from by Bill Bonner

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