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The next bust will be unlike any other, because the Fed and other centrals banks around the world have taken on all this leverage that was out there and put it on their balancesheets. Please consider this Forbes Interview of Jeremy Grantham , by Steve Forbes, from 2009. We have never had this before. They will be cheap again.
Had I suggested in 2007 that the Fed balancesheet expansion of $75 billion a month would have been considered "tightening" people would have thought I was nuts. Assets in exchange-traded products backed by gold fell 33 percent to the lowest since 2009 amid sales by billionaires George Soros and John Paulson." Here we are.
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