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China’s Managed Decline Ain’t Grand(e), It’s (euro)Dollars
Some wanted to call it China’s Bear Stearns, and over time it may end up being seen that way. And that would be the right way to see it. What Bear’s March 2008 demise had represented was the watershed event for the eurodollar system, the final straw which finally broke the camel’s back. Ben Bernanke made the terrible mistake of thinking his “bailout” of the old Wall Street name would end the crisis. Instead, it began the new monetary era.What followed from that inflection point wasn’t just the worst planet-spanning financial crisis since the Great Depression. Having little to do with US subprime ... (full story)