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Olduvai III: Catacylsm
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China Changes Definition Of Aggregate Financing To Disguise Sharp Credit Slowdown

China Changes Definition Of Aggregate Financing To Disguise Sharp Credit Slowdown With investor attention increasingly focused on China’s credit pipeline to see if the recent crackdown on shadow lending has unlocked other sources of debt in a country where growth is always and only a credit phenomenon, and where both the housing and auto sectors […]

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Equity Markets and Credit Contraction

Equity Markets and Credit Contraction There is one class of money that is constantly being created and destroyed, and that is bank credit. Bank credit is created when a bank lends money to a customer; it becomes money because the customer draws down this credit to deposit in other bank accounts and to pay creditors. […]

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Olduvai IV: Courage
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Olduvai II: Exodus
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