"Since January 1st, the rate at which the stands for delivery have been increasing has been at roughly four times last year's ...
And it's created a big bubble in a pocket of the US economy. "There is no acknowledgment today that, yet again, we have a super-duper credit bubble on our hands," he wrote in a note on Thursday.
Naturally our financial leaders around the world took the radical steps required to reduce the debt created in a massive credit bubble. Oh, sorry, that was my fantasy world I was talking about.
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