Anstalt Shadow Looms Over Excessive Credit Today

We've seen this movie before. The U.S. housing bubble of the 2000s followed by the world financial crisis of 2008, and the great recession that has followed, complete with persistent, high unemployment, asset prices collapsing, and no seeming end to the pain. All this bears a striking similarity to global events some 80 years earlier at the onset of the Great Depression. . .

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