Asian markets closed marginally lower on indications that credit crunch is returning. Nothing major jet, but worth of giving some thought on that, especially having in mind recent decrease in US bank lending and falling monetary aggregates. Indication how excess liquidity isn’t finding its way to real economy. Doubts on the strength of recovery still remain. Bloomberg story: Aiful to Seek Debt Reprieve as Refunds Roil Consumer Lender.

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