This would have the effect, principally on the U.S. as the issuer of two-thirds of world reserves, of removing the debt overhang which has made trade deficits, government overborrowing, and hot money bubbles the way of life.

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Cold ocean water leaks through the rock, hits the red-hot underground lava and bubbles up to the surface.

CNN: ASIANOW - TIME Asia | Travel Watch | Detour

At the same time, hot-money flows into emerging markets have inflated real estate bubbles across many major global cities.

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