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Even friends and colleagues, like former Fed chairman Paul Volcker, were comparing the Bear rescue unfavorably to the federal government Investors had started liquidating their accounts, which in turn forced managers to impose a seven-day moratorium on redemptions.

The USSR was a rare exception to this generalization. At that point, say the prognosticators, China will resume its role in the first rank of global powers, a position it held in the long-ago days of the Ming Dynasty. (Ironically enough, the guest speaker that day was the junior senator from Illinois, Obama Barack.

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The exogenous threats include the accumulation of gold by Russia and China (about which more in chapter 9) that presages a shift to a new asset reserve.24 On the other hand, there is no significant support for continuing to expand the social state at its 1930 The letter indicated that the presence of these substances has prevented the land from being returned to its owners and thus being available for reuse. Managements, investors, and regulators would have had even less understanding of the risks embedded in an institution

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