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Bis Warns Of Great Depression Dangers From Credit Spree

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http://www.telegraph.co.uk/money/main.jhtm...24/cnbis124.xml

"Virtually nobody foresaw the Great Depression of the 1930s, or the crises which affected Japan and Southeast Asia in the early and late 1990s. In fact, each downturn was preceded by a period of non-inflationary growth exuberant enough to lead many commentators to suggest that a 'new era' had arrived", said the bank.

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This is very strong language for the BIS. So far, talk about the 'Greater Depression' was brushed off as lunatic by most people.

I have said it many times, we might see the financial equivalent to a oceanic freak wave. A few smaller waves suddenly meet at

the same point and cause a catastrophe of major size. A depression greater than the great one is a very real danger we could

face on a relatively short time horizon.

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