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Breaking News from Moneynews.com Credit Contraction Mirrors Great Depression Credit, as measured by bank loans and M3 money supply, is contracting at rates similar to those at the onset of the Great Depression. "There has been nothing like this in the U.S.A. since the 1930s. The rapid destruction of money balances is madness,” economist Tim Congdon of International Monetary Research told the London Telegraph. Read the Entire Article — Go Here Now.