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Catastrophic results for Japan and the US credit crunch gets much worse.

Eurodollar University

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The Credit Crunch Is Worse Than a Mild Recession

The credit crunch continues to develop, despite the fact that nobody's talking about the banking system anymore. Bank credit fell by another $23 billion in the latest weekly data, which is up to the end of June. Even the Fed says we're going to have a mild recession; these credit statistics show like the inverted yield curves, it's going to be worse than a mild recession.

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