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The Age of Deleveraging
Gary Shilling explains
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People still don't get it
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That's how "far out" this concept is in the mass consciousness.
Here's why this matters...
Some people are still taking on debt to buy things like real estate and college educations.
Now is not the time to take on debt to buy assets or over-priced "dreamland" services.
One of the worst financial things on earth is to take out a big loan on an asset whose price declines year after year.
(Note: I don't agree with him that 30 year bonds are a great idea, but I'm open mined.)
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