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Bernanke's Jackson Hole Gets Deeper

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The more things change... from exactly one year ago: "As long as credit expansion and demand for credit continues at an accelerating pace, the appearance of prosperity can continue as asset prices increase. The transition period, where we are now, sees asset prices pressured by slowing credit expansion. If the Fed cannot reverse this slowdown in credit expansion, then the deflationary unwind will kick into full gear.  Nevertheless, this credit expansion comes at a price, a cost that must one day be repaid. That day has apparently arrived, and Bernanke's Jackson Hole isn't deep enough to bury it."
SOURCE:   Minyanville