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In a financialized economy it seems that trade surpluses almost always turn into asset bubbles -- somewhere. In the 70s Saudi surplus "petrodollars" were "recycled" through US banks, such as Citi, who then loaned them to Argentina, etc., leading to "The Latin American Debt Crisis": Saudi surpluses through US banks to Latin American bubbles.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Jun 8th, 2011 at 04:26:51 PM EST
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