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There Are No Free Lunches, Not Even for Central Banks

The combination of very high debt levels, the gross mispricing of global credit risk, weak banks of systemic importance and fault lines in the global economy make it all too likely that the world is headed for a major global economic and financial crisis over the next year or two.

 if the watchman sees the sword coming and does not blow the trumpet, and the people are not warned, and the sword comes and takes any person from among them, he is taken away in his iniquity; but his blood I will require at the watchman’s hand.


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