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Real Danger of a New Great Depression: Author

Monday, 16 Jul 2012 | 2:30 AM ET

"In order to understand this crisis it is necessary to understand the role that credit has played in bringing it about, when we broke the link between money and gold 40 years ago, this removed all the constraints on credit creation and afterwards credit exploded," Richard Duncan author of The New Depression: The Breakdown of the Paper Money Economy, told CNBC.