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  • A beautiful deleveraging balances the three options. In other words, there is a certain amount of austerity, there is a certain amount of debt restructuring, and there is a certain amount of printing of money. When done in the right mix, it isn't dramatic.

    "RAY DALIO: America Is Executing A 'Beautiful Deleveraging'" by Sam Ro, www.businessinsider.com. May 19, 2012.