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The Canary In Big Blue’s Mainframe: Why IBM’s Q3 Bust Marks A Turning Point

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IBM has long been a poster boy for the untoward effects of central bank financial repression. For most of this century the once and faded king of tech has been in a modality of slow liquidation, leveraging up its balance sheet with cheap debt to fund stock buybacks, dividends and accounting-driven two-bit M&A deals. This morning that destructive strategy—–pursued by two…