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The sad truth is that all this is just the early wave of the huge social disruptions that will happen before the global economy hits the bottom of the tank. All the extra air in the bubble must be let out before real growth resumes.
By the looks of it, the world will only get out of it after several more years and there will be a new economic titan holding court - CHINA. Unless its own housing fraud bubble doesn't fully erupt the social volcano the communists are desperately suppressing now.
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