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The slow motion global economic disaster has already happened - the debt already exists - here in wonderland we just haven't realised it yet. Once the truth hits home people will get scared, sentiment will change and house prices will fall, just like they are doing in other western countries. Even China doesn't have a money tree and can only extend and pretend for so long.
The world could have gone through a managed recession; instead we're risking depression in an attempt to deny the fact that there is a downside as well as an upside to the economic cycle.
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