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What Michael Roberts has left out of his analysis is the rising price of
energy. Falling energy prices, together with low interest rates and
histrionically very low real wages in the USA, were key to the recovery
since 2007. Energy prices are now increasing and oil has crept up to around

This omission not withstanding, I think his guess that the next big crunch
will come in non-financial sector corporate debt, meaning debt centered in
industry/transportation, is a good bet, and rising energy prices will hit
this part of the debt structure harder than the financial sector.

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