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- NGDP 2 based on V 2 is an even more general tautology, with Y being everything that counts in the actual NGDP statistic that is reported, even if not something that is exchanged for money. Bushs administration has emerged as the most forceful public defender of its record, re-energizing otherwise demoralized conservatives. That Treasuries, equities, corporate Credit and commodities all seem to be indicating a (thus far subtle) shift in market liquidity, we can look to "risk.
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