The Epic American Credit and Bond Bubble Laboratory Message Board

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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: pogohere who wrote (83720)	7/17/2007 3:58:56 PM
From: Elroy Jetson	of 110194

Do I believe we are now facing a similar situation in a credit-bubble: a decline in monetary velocity/"moment of awakening?" Yes. Do I think the Fed is following or will follow the Friedman prescription? No, not totally. Every economist trained in Monetarism, realizes that the end result of following Milton Friedman's prescription to the edge of the cliff is absolute devastation of the economy. The Fed will likely follow a middle course resulting in stagflation. No quick painful correction as Schumpeter would call for, and no Zimbabwe-USA which is the natural result of Friedman's prescription. A middle-course of partial insanity resulting in a painful period somewhat like the 1970s. Personally, I'd choose Schumpeter's solution. .

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