The dagger that burst the bubble

The graph below – courtesy of the International Herald Tribune – does not look like a dagger – but a dagger is what it is when pointed at a vast bubble of credit. Unfortunately there are central banks like the Bank of England and the Bank of Hungary that have not blunted their daggers, or indeed are still sharpening the dagger.

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Posted by Ann on 30th October 2008, 05:42pm
Filed under: , Central Banks, economic orthodoxy, interest rates

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