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Jeremy Grantham, co-founder of GMO, called out the Fed for interfering with the economic recovery in an interview with Fortune published on Monday.

Grantham acknowledged that his critique is based on anecdotal evidence, but he pointed to debt growth since the 1980s. Back then, “the U.S. had an aggregate debt level of about 1.3 times GDP,” he said. “Then we had a massive spike over the next two decades to about 3.3 times debt.”

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