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It's a cruel, cruel summer
This period of monetary tightening has ended with a pop - just like all the recent ones
![pg21-max-bublitz-jpg pg21-max-bublitz-jpg](/sites/default/files/styles/landscape_750_463/public/import/IMG/914/81914/pg21-max-bublitz-jpg2638-580x358.jpeg.webp?itok=EgUmQfCc)
Well, so much for summer doldrums. The above-mentioned song title is more apt (any chance to make a Bananarama reference should be considered a gift). In my last column I wrote about the market's fascination with liquidity, and what might cause it to change. But who could have imagined that the change from fascination to desperation would culminate in such a dramatic meltdown?
Writing after a weekend of reflection, I'm struck by a number of things. First of all, there's this nagging feeling that
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