48-cycle empirical base: deflationary depressions (local currency debt) vs inflationary depressions (foreign currency debt). The bifurcation of outcomes by currency denomination is the central empirical finding — not cycle timing or magnitude.
48-cycle empirical base: deflationary depressions (local currency debt) vs inflationary depressions (foreign currency debt). The bifurcation of outcomes by currency denomination is the central empirical finding — not cycle timing or magnitude.