However emotionally satisfying, forcing banks to default on debt would cause the type of liquidity runs and market dislocation that brought chaos after the collapse of Lehman Brothers last year.

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Currently, the natural gas market in North America is suffering from a similar dislocation.

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This phenomenon, in concert with the ongoing and possibly deepening global credit crisis, could also result in unprecedented volatility in the stock market, not to mention currency crises and related economic dislocation.

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Ironically, Mr. Harper misses the most significant recent dislocation in the practice of law, which is at the consumer end of the market: the rise of low-cost online law firms like LegalZoom and RocketLawyer that aid clients in drafting standard partnerships, wills, leases and the like.

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