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While I’ve spent a few days been being assortedly sunburned, rained upon, terrified and crushed on our fine inland waterway system, dsquared has sort-of-broken his ‘not commenting on the current crisis’ rule. Read it.

Yes, of course there’s some TWST, WT? to it, but the conclusion that Western banks’ loans exceed their deposits because the decision was taken at a macro level (and a long time ago) for Western economies’ imports to exceed their exports is pretty hard to deny. Even if it’s not as satisfying as saying ‘those bastards in Canary Wharf stole our money’.

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