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Prof. Paul Wachtel's research on credit is cited

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Excerpt from Reuters -- "Little of the new credit created in the last few decades has served the overall economy. Schularick and Paul Wachtel recently ran the numbers for the United States. They show that the business sector has not borrowed from the rest of the economy since 1960. The pattern is similar in other developed countries. In other words, business profits were high enough to fund all desired investments."

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