Imaging and printing was down 10%.
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But when a crucial printing machine broke down recently, he told me he faced a mountain of red tape and delays just to buy in the necessary spare part.
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The act of central bank money printing temporarily drives down nominal interest rates, while at the same time creating inflation and lowering the intrinsic value of the currency that is printed.
Their family textile-dyeing-and-printing trade, handed down for generations, uses natural vegetable dyes and wooden hand blocks for printing.
PCs revenue was down 8%, printing fell 5%, enterprise services were off 7% and software was down 2%.
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However, costs tend to come down in 3D printing not due to scale, but by greater efficiencies being uncovered in production and distribution.
Before the era of mass printing, knowledge was passed down verbally, and the most important and sacred stories were often sung or rendered as poetry.
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Printing lots of money should push down the yen and help to create inflation and to lift exports.
Yet in 2002, with the printing business weaker and Donnelley sales down from a year ago, the margin has improved to 10.1% in the first nine months, up from 9.8% the previous year.
Meanwhile, the ECB will have sacrificed its independence under political duress, while gambling that printing trillions of euros won't lead to inflation down the road.
The development of 3D printing machines is racing ahead and they will be down-scaled for home use, so that consumers can instantly create thousands of objects at the touch of a button.
The more foreign capital that flows in, the more dollars the central bank must buy to hold down the yuan, which, in effect, means printing money.
After all there is much anxiety in financial capitols about the future of the Euro as well as the feeling that the almost constant printing of new dollars to keep America running portends a terrible crisis down the road.
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General 3D printing in the home has not arrived yet but that will pick up as prices come down and the technology proliferates.
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From all that we can tell, the great correction has not been turned around it has merely been slowed down, delayed, and magnified by public sector borrowing, and money-printing, on a huge scale.
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We ran through the process a few more times, tweaking things along the way and running into new issues as we progressed -- like when the demo cube we were printing was knocked off the platform by the Stepstruder itself, or when the nozzle pressed down too hard on an object, which melted at the heat and stuck to the toolhead.
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Most investors and economic pundits see the greatest money printing operation in history and immediately assume that it must lead to inflation, or hyperinflation, somewhere down the road.
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