Dopey, 1) Rising overseas interest rates. 2) Increase in local...

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    Dopey,

    1) Rising overseas interest rates.
    2) Increase in local funding costs.
    3) Contraction in local credit.
    4) Reduced spending.
    5) Falling corporate profits.

    Call it a recession if you like.

    In 1990, it was thanks to Japan trying to kill its asset bubble.

    This time, it will be thanks to the US.

    Unfortunately, ZIRP is the cause and not the solution.
 
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