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0 Shared sacrifice will be the new economic order

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So just as conventional wisdom has concluded that, fiscally, we are about to drive the Thunderbird off the cliff and into the banana republic territory, perhaps the Great Society Lyndon Johnson kicked off with his massive government spending is reaching its bubble peak. Most likely, what happens next is that the credit collapse proceeds on the back of a severe form of the “savings paradox,” resulting in a prolonged economic slump.

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