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It's 1933 and the banking sector, hammered by bank runs and suspicions of conflict of interest, has collapsed.
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Martin Dell, who runs a property listing website, kyero.com, says interest from locals has collapsed: "The facts speak for themselves.
The worry is that new lending may not be prudent the government recently put pressure on banks to rescue Hynix, a chip maker.While there is a risk of a banking crisis in some countries, the more immediate concern is that, where financial intermediation has collapsed, interest-rate cuts may be ineffective as a way of boosting demand (again, shades of Japan).
Industrial production was more than a third lower in January than a year earlier; spending in the shops has collapsed; overnight interest rates are at 50% or so; the IMF has withheld the second tranche of a loan because the government in Kiev is failing to balance its budget.
Private ownership has collapsed.
"Parliament has collapsed.
The economy has collapsed.
Capital investment has collapsed.
Morale has collapsed.
Tourism has collapsed.
Syria has collapsed.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com