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years if you take the 100y year period 1880 to 1980 the average of this measure of Leverage was probably about 12 or 13 if you then come to the eve of the
banking crisis 2006 2007 that leverage ratio was 3536 so it was three times
higher than had been on average normal in the 100 years 1880 to 1980 over that very long period there has been no trend whatso ever as far as
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