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Blood markets.(AGAINST THE CURRENT)(Essay)

The wild gyrations on global stock markets; the announcements of massive losses by the largest US banks; the significant decline in property values now taking hold in the United States and United Kingdom; the announcement of $8 billion losses in rogue derivatives trading in Europe accompanied by a shock three-quarters of one per cent reduction in the interest rate charged by the US Central Reserve with the promise of more to come; the avoidance of risk that is now the dominant behaviour in credit markets, thereby constraining the availability of credit; the significant rise in property foreclosures in the United States; the personal trauma of not only those who are losing their ...

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