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You're reading: A way out of the unemployment crisis

What Sachs writes now about America’s unemployment nightmare is, with some exceptions, valid for most Western economies and also for fringe areas of Europe, such as Ukraine.

Exceptions are places like Canada that seem to be in good shape, not because of anything unusual they have done, but rather because of what they did not do, such as not allowing the banks to let folks sign out a half-million dollar mortgage with only a $500 checking account, no income verification and then selling it in bunches to gullible investors.

I shall be back to Jeffrey in a jiffy, after touching on the overall panorama. It all goes back to debt flipping — borrowing low and lending high, a simple age-old idea behind the seemingly innovative derivatives, index trading and swaps strategies (not to be confused with wife-husband swapping).

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