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Once is random, twice is coincidence, here's three and we have something.

Eurodollar University

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The Nonlinearity of the Economy

The economy does not work in linear fashion either. Businesses see that the economy slowing down, they see their businesses start to fall off and they don't just start firing workers all at once. We've talked about this with labor hoarding. More rates tend to be stubborn until all of a sudden they're not. So in 2008, which is a perfect example, whether in Europe or the United States or anywhere else around the world, you had core consumer prices that were relatively steady. And then all of a suddenly, seemingly out of nowhere, they fell off a cliff because the economy did.

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