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My personal view is that individuals, corporations and nations have built up a vast amount of debt over the past ten to fifteen years, driven by cheap credit (low base rates in the US, EU and UK and a savings glut in Asia). The GFC was a credit contraction, as banks became less able to lend...

I've heard that it's historically common for a major financial crisis to be followed by smaller, less damaging aftershocks for years afterwards. I can't remember the source, unfortunately. So Greece and Dubai are the aftershocks of the GFC. And there might be more to come. In terms of...