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until they lead to the complacency and confidence
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associated with financial crisis.
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Perhaps we will have 6% inflation two years from now
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and the Fed will cause--Fed will find it necessary
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to engineer a recession
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and this theory will fall completely by the wayside.
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Perhaps there is an alternative,
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more compelling explanation for this pattern.
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But for now,
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I would adduce the hypothesis
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that the increased incidence of financial crisis
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and the closer relationship