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How to Get Rid of Financial Instability
We have to regard the level of private debt as a target of economic policy. In America, it's 170%. Of GDP. So we should really be focusing on the instability in getting that out of control. We can't stop financial cycles, but we can stop financial breakdown. It is just this huge increase in private debt that first of all caused the boom and then financing the credit causes... Ultimately, causes the slump.