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June 30, 2008
BIS on Totemic Inflation Fascination, etc.
Whatever your feelings about the bankers behind the Bank of International Settlements, go read its just-released 2007/08 annual report. It's thought-provoking stuff, especially the discussion of recoupling risks, and of the totemic fascination with inflation that allowed interest rates to stay low for so long that it helped sow the seeds of the current credit crisis.
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