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How MMT Will Save America & the World - YouTube
Channel: Thom Hartmann Program
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landscaped more annual sunshine in
germany
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indicia that obama solar subsidies in
vastly improved solar output expanding
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the industry's reached around her neck
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and that's the way it is today
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february eleventh twenty thirteen
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optoma hartman
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avenues
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you're listening to tomo harmon
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well the hysteria is increasing greens
my friends patriots lovers of democracy
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truth and justice
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leaders in peace freedom in the american
way it is chest
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going nuts and capitol hill it's like
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god mode the white house says you know
if we have to do the sequester we're
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gonna have to kill off all these
original post polly
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and the republicans are going on but you
must have austerity at worked solo in
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greece and spain after all dot nl
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although there are some differences
between us brits spent
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there is a new school of thought of
economic thought it's uh... arguably new
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john maynard keynes
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kind of made passing reference to what
might be it's early ancestor
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him his his book and money
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it's called modern monetary theory one
of its
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achi proponents
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his doctor michael hudson president
history for the study of long-term
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economic
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trans palate
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the author of trade development and
foreign debts and his newest book the
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bubble and the conduct
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and his website michael dash hudson
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dot com dr hudson welcome back to
program
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thank you very much done
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uh... they're going to have you with us
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um...
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modern monetary theory you
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let's start at the beginning
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uh... why is it the deficits tarpor
personal
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uh... who could that be a back your
statement
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uh... i'd no mary
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can say that i'm pretty happy
anniversary is
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uh... i don't think it would matter but
not all that there is
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uh... there was if you have other banks
running things uh...
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do ignore uh... ill uh... we do is say
is that the austerity is unnecessary
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that uh... deficits
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uh... are unnecessary to borrow up in
the backs
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you don't have to have budget cuts
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you don't have to go back to a sturdy
because all money whether it's a bank
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money or whether it's government money
all monies i've created on a computer
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keyboard electronically now that we
don't have a gold standard anymore uh...
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in nineteen seventy one
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when the united states i was finally
forced off gold by its military spending
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nobody know what the future monetary
system would be
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and it turned out that's out there
wasn't any constraint on how much money
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could be created so most money has been
created by banks and they created when
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you go into a bank
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you take out a loan
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and without the bank doesn't want no
deposit
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but that's just lay it out waste
electronico here account
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and then you get to spend it
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and out of the bank and borrow from the
federal reserve that that one quarter of
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one percent
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so right now of the bank secretary land
deal that money
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and uh... i high rate of interest
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borrowing almost free money from the fed
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the fed can create money to finance the
banks they can create money to finance a
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real estate bubble they can create money
for the banks to
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uh... make gambles
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why can't they make the same way
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for the government to finance the best
well the banks a nano the you have to
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lend us money and let ours finance the
government that interest
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uh... and other governments
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could say you know what we say it but
they're not there is a ridge when i got
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the job of the central bank
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is the financially government debt
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simply life that's how the united states
uh... well fought the civil war
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restrained extradition
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isn't isn't there a lot
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either the verb raise a whole bunch of
things here
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first though isn't there a law that says
that it who when
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when the federal government issues
treasuries
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if the that that
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they have to be
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run through private banks
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in order for the fed to brighten their
day some others private banks in between
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the treasury's in effect out france
turns out the federal government uh...
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after the bailout in two thousand eight
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but assembly op-art freddiemac alone
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it just said okay we're now leading the
list of the government balanchine we'll
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talk a little for five point three
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trillion dollars
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the federal reserve created two trillion
dollars worth of
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just free credit
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to get to the backs of the treasury most
treasury bills out
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uh... recently reviewed our
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electronically held by foreign
governments uh... in exchange for the
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balance of payments deficit
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or they're held by the social security
fund there's no out most others no nato
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alter central banks
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to have to borrow from the private banks
up
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either here or to anyone
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or japan
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or uh... in any other country was a
central bank so
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there's
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we're we're sort of getting in the weeds
here but
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but i i i i one understand this more
completely
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year suggestions that
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the propriety of personal work am i get
my crack team i believe my understanding
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that
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that the that
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private banks are are
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somehow somewhere in the process between
howard treasury department and are in
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our support anna and the fat are central
bank
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yes
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that that broke the law requires that
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when defend
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it basically invents money in loans it
to the you know as his government by
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buying treasuries
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those have to go through
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for-profit banks and the spelunker
profit on a transaction well
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and then the rest of the law like that
there is not ok book if you pointed out
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before they're talking about about money
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and complexity of liquid you're waiting
you're right
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uh... if they're there's so many
complexities that even if you and i can
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make it very clear statement if people
have been actually worked in the bank
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and work in the field it's very hard for
them to understand these words triplet
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so now you're using right now
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uh... we have a website that uh... them
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uh... for monetary uh... mary
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at the university of missouri at kansas
senate
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recalled their economic perspectives and
everyday
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we wafts through readers
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with this kind of tangle
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of hot apollo uh... go through all of
this process it is tired
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and monetary theory attracts a lot of
claremont uh... you know i i get that
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ended but very simply just to get the
whole central bank thing out of the way
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and and the private bank thing
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uh... really the essential issue here
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is that since seventy blunder seventy
three when the globe window closed
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thirty-one right its bid officially
start in seven one but it seventy three
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was when i thought they were wrapped up
was about
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i thought that i think they want
nadine's place except was a cellular on
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as part of a couple years can unwind
that i could and they will be dropped
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knifings opted uh... in mid-august
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yet will consider what
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at that point
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look at the
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the only constraint
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uh... legally
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on the federal government
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to create money or the friend
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to create money
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which is not the federal government
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who was
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under a with there was illegal pastry
antennas cause i government on the
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federal reserve note
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uh... it used to sit out every federal
reserve no intel
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nineteen seventy-one was i had to be
back by twenty five percent though right
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supports america's gold reserve back the
physical currency that the fed does now
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most money is not really currency most
money is bank deposits but the currency
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actually was equitable stock that was
one stop
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right but the date is so
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so wat
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uh... and the point i'm making is that
the uh... you know the one of the
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argument is made is that
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we could simply you you know right
ourselves a check basically or blurb
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meant a trillion dollar coin or whatever
means of variety which it is
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or or just put some numbers in the
computer
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and and bring this country to full
employment
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without creating inflation
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via this process of monet's monarch
monarch monetary theory
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so an eight-state right
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yet
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and and and the reason why is because
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the sole arbiter of what's going on with
the nation's currency is the nation
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so how did the banks getting stuff
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we just a minute left
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really only by lobbying only by telling
by abetting politicians
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who agree
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uh... not to use the central bank
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develop over the country out of
depression but he is the central bank
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are basically to give the bunny
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to the commercial banks
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to wall street that's out that the money
that's been created is not going to
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employ americans isbn employed on the
bank bailout reduced band played on the
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bank giveaways
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now if the government can create
planning
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the p_l_o_ also required to spend money
on the real economy employing people
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that makes perfect sense
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on doctor michael hudson president he
has to consider a long-term economic
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trends the author trade development and
foreign debt and the bubble and beyond
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what said michael batch
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dot com thank you sir
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ekkada
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