Investing at a time like this
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For years, Americans overindulged鈥攂orrowing from the rest of the world and each other to pay for faster cars, bigger houses, and smaller cell phones. China underindulged. It suppressed consumption, grew through investment and exports, and accumulated a trillion-dollar war chest of U.S. Treasury bonds and mortgage-backed securities. For a while the codependence seemed to benefit both sides, but it was profoundly unstable. And now the edifice is crashing down.
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