rcwhalen's blog

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Bottom line for financials is that 2014 is looking to be a tough year, even if the Sell Side wants to believe that growing earnings is still possible on flat revenue

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Just as in the 1930s the Fed fueled deflation by not making credit available, today the opposite seems to be the case – low rates are fueling deflation and preventing markets from clearing.

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There is no free lunch.  Either we kill growth via financial repression of savers or we embrace the painful process of debt restructuring for the major industrial nations.

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A dozen years have passed. Memory doesn't fade. In some ways, the events remain as vivid today as they were that September morning.