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One could net the flows out to identify how much, on balance, flowed one way rather than the other, but that would give no idea of the scale of the commitments on each side. It would be akin to noting that two elephants on either end of a circus seesaw leave a net balance of zero. It would be true, but it would not be a very adequate description of the forces in play.
Crashed: How a Decade of Financial Crises Changed the World
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