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That's the normal pattern after a giant debt bubble pops.
"This looks like a huge debt bubble," Mr. Segal said.
The Greek crisis may be the first sign of the sovereign debt bubble bursting.
Britain, like America, is suffering from the aftermath of a housing and debt bubble.
Eventually, of course, the debt bubble burst — and with it, the last coping mechanism.
It took many years to inflate the enormous debt bubble that popped in 2007.
Another think-tank, the IPPR, warned that the recovery could be built on another personal debt bubble.
He then made a related point: Before the crisis we had a huge housing and debt bubble.
Thatcher unleashed a debt bubble; Sharon gave birth to Likud and the intensification of the settlement project.
This is also not a bad general starting point for explaining the debt bubble in which Greece found itself.
But a sovereign debt bubble — which many argue is driving the acceleration in gold prices — could prove far more dangerous.
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