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Politics : Ask Michael Burke

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To: Mike M2 who wrote (78828)	3/31/2000 9:43:00 AM
From: Don Lloyd	of 132070

Mike - mises.org "...As Mises has noted, "Very promptly these funds find outlets in the stock exchange or fixed investment. The notion that it is possible to pursue a credit expansion without making stock prices rise and fixed investment expand is absurd." ..." "...Mises called the stock market the "focal point of the market economy" and "the ultimate device to make the anticipated demand of the consumers supreme in the conduct of business." The traders express opinions as to the employment of capital that can prevent additional investment in unprofitable ventures and expand other promising ones. The inflationary environment distorts this mechanism. It becomes difficult to separate what profits are attributable to inflationary gains (that is, gains that derive from a company experiencing a rise in its selling prices before its buying prices have risen). This creates the illusion of prosperity..." Regards, Don

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