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Mark Mobius is ringing the alarm for a 40% stock crash - and flagging this sector as a buy
(www.businessinsider.com)
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Yes, but usually they rebound after in the asset rise and inflation. However, this book looks less like it's credit based. It seems to be built on companies lending to each other rather than in the banking system.
I still think the poor will suffer most, but with other drops the richest have ended up richer in real terms and in percent of assets held. I don't think that will be true this time.