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  • The Bang! Moment is Here

    "Perhaps more than anything else, failure to recognize the precariousness and fickleness of confidence– especially in cases in which large short-term debts need to be rolled over continuously – is the key factor that gives rise to the this-time-is-different syndrome. Highly indebted governments, banks, or corporations can seem to be merrily rolling along for an extended period, when bang– confidence collapses, lenders disappear, and a crisis hits.

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