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While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.

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Distortion Economy Experience Imbalance Local National Price Seem Severe Significant

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[Republicans] swapped principle for power. They ended up with neither. They deserved to lose.
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Clearly, sustained low inflation implies less uncertainty about the future, and lower risk premiums imply higher prices of stocks and other earning assets.
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The economy is turning, and credit comes in with a lag, .. To the extent that a number of small firms are finding it difficult to get the credit they need at a price they can afford, that’s likely to change for the better.
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Need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path.
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If all currencies are moving up or down together, the question is: relative to what? Gold is the canary in the coal mine.
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Was sort of intellectually shocked. Contagion is the critical phenomenon which causes the thing to fall apart.
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