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Fred wrote (in #6610): >But now we >realize that >much of the increase of the "financial sector" was the really >the hidden >debt of the non-financial sector, i.e. was debt of "special purpose >vehicles" of the non-financial sector, for which the latter was still >liable. Hence the debt of the non-financial sector is much >greater than >the Fed's data show. Is this related to, and if so does it explain, the growing discrepancy pointed to in Allinn's #6608 (which struck me as representing an extraordinarily high proportion of the total)? Julian
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