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July 21, 2008
Two things are clear though: inflation is high and rising, and bond markets are starting to sense that there is going to be an avalanche of paper coming its way. European inflation reached four per cent, and in the UK it was reported as 3.8 per cent, although though no-one believes that figure. Inflation in the US at 5.02 per cent is the highest for 17 years. That probably suits the US Treasury as it works out how to incorporate US housing loans onto its balance sheet. The deterioration in the...
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