"There has been nothing like this in the USA since the 1930s. The rapid destruction of money balances is madness." US bank loans have fallen at an annual pace of almost 14% in the 3 months to August 09 (from $7,147bn to $6,886bn).. For the first time in the post- World War II era, we have deflation in credit, wages and rents and this is a toxic brew.It is unclear why the US Federal Reserve has allowed this to occur.
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