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The New Political-Economy | Russell Napier, Edward Chancellor, & Helen Thompson

Hidden Forces

CHAPTER

The Impact of China's Entry Into the Global Trading System on Interest Rates

I agree with what Russell's saying, and in particular his comments on how the entry of China into the global trading system and financial system had an impact on interest rates. And I think that the thrust of my book is that that has had extraordinarily profound consequences, both financial and social. It's the equivalent of taking the insurance premiums down to very low levels, the system, but builds up risk. People take risks that are not properly compensated. So you will find a build-up of leverage. This is where we've been living through in the last year. My book came out just as the Federal Reserve was beginning to raise interest rates,. Then we've had umpteen interest rates over

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