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Strategies & Market Trends : MDA - Market Direction Analysis

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To: Michael Watkins who wrote (18923)	6/30/1999 11:25:00 AM
From: pater tenebrarum	Read Replies (2) of 99985

Michael , the Chicago Purchasing Manager's index is yet another confirmation that the economy is growing at unsustainable levels. i happen not to agree with the 'new era' argument that holds that all the well-known and well-worn economic laws have somehow been repealed by technological progress and the associated rise in productivity. a typical bubble economy has developed imo, characterized by too easy money and the attendant growth in credit demand, overinvestment and asset price bubbles. the fact that inflation stayed low during this expansion due to world wide overcapacities has tricked everyone into believing that some kind of miracle has occurred. there is a sorry historical example where exactly the same developments converted a bunch of sensible people to the 'new era' crap - the 1920's. regards, hb

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