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This is right on target - and thanks for reminding us that although this problem is part of the consensus at dkos, BT, et.al., it does not seem to be as well understood in Europe generally.

The fact is that what we're experiencing right now is a top-down disaster. -Paul Krugman
by dvx (dvx.clt št gmail dotcom) on Tue Aug 16th, 2005 at 09:31:20 AM EST

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