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Telegraph Use The "d" Word -- Worse Than The "c" Word

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http://www.telegraph.co.uk/money/main.jhtm...cncredit125.xml

BIS warns of Great Depression dangers from credit spree

By Ambrose Evans-Pritchard
Last Updated: 8:32am BST 25/06/2007
The Bank for International Settlements, the world's most prestigious financial body, has warned that years of loose monetary policy has fuelled a dangerous credit bubble, leaving the global economy more vulnerable to another 1930s-style slump than generally understood.
Construction in Shanghai: BIS warns of Great Depression dangers from credit spree
The BIS said China may have repeated the disastrous errors made by Japan in the 1980s
"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.
The BIS, the ultimate bank of central bankers, pointed to a confluence a worrying signs, citing mass issuance of new-fangled credit instruments, soaring levels of household debt, extreme appetite for risk shown by investors, and entrenched imbalances in the world currency system.

Given that there ain't no free lunch there will be a hige price to pay for Gordon's HPI-MEW banquet.

House price collapse may be the least of our worries.

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http://www.telegraph.co.uk/money/main.jhtm...cncredit125.xml

BIS warns of Great Depression dangers from credit spree

By Ambrose Evans-Pritchard
Last Updated: 8:32am BST 25/06/2007
The Bank for International Settlements, the world's most prestigious financial body, has warned that years of loose monetary policy has fuelled a dangerous credit bubble, leaving the global economy more vulnerable to another 1930s-style slump than generally understood.
Construction in Shanghai: BIS warns of Great Depression dangers from credit spree
The BIS said China may have repeated the disastrous errors made by Japan in the 1980s
"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.
The BIS, the ultimate bank of central bankers, pointed to a confluence a worrying signs, citing mass issuance of new-fangled credit instruments, soaring levels of household debt, extreme appetite for risk shown by investors, and entrenched imbalances in the world currency system.

Given that there ain't no free lunch there will be a hige price to pay for Gordon's HPI-MEW banquet.

House price collapse may be the least of our worries.

Just another example of HPC members' views becoming increasingly mainstream. 12 months ago, possibly even six, a story like this would not have seen the light of day.

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Americans now have an average total private and public debt that amounts to over $500,000 per household.

Hell i'm not thinking about the 'R' word or the 'D' word i thinking about the 'M' word as the house of cards come crashing down and this may aso explaine why the ice caps are melting.

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