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openDemocracy, 28/11/07

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Brad Setser at RGE Monitor has a very worrying picture:

It shows that long term lending to the US has dried up since August.

The consequences seem to me to be quite stark. Either

  • the US starts to save much more, or
  • the US offers much higher interest rates to foreign lenders
The first case means US, then world recession; the second case means financial market panic and recession. Anyone see any cheer in this?

 

 

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Well, not cheer exactly... by richard

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