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Just insane collateral market action today shows deflationary money is getting worse.

Eurodollar University

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The Fed's Comment on Liquidity

The San Francisco Fed branch was more blunt in its assessment of the potential fallout from last month. The conference board leading economic indicator declined by 1.2% in March alone, which was double the rate that was expected. It's also now down 4.5% on a six-month basis, I believe, which is an annual rate well into recession territory. And as this credit crunch and deflationary money continues to work its way and undermine the real economy, that moment rapidly approaches.

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