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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (64913)	7/21/1999 10:41:00 AM
From: Mike M2	Read Replies (1) of 132070

. Well, this does work like magic during the boom but, unfortunately, sows the seeds for catastrophe down the road when it is realized that the exponential growth in claims is not in any way supported by the wealth producing ability of the underlying economy. Cantillon understood this clearly. He knew that manic speculation and the excessive creation of security claims produced by John Law's scheme of managed money were destined for collapse. He converted his security gains into gold and silver coins near the height of the boom and left France. Soon after, confidence began to falter and the speculative bubble was pierced. Holders of securities attempted to convert this paper into something of real value, but few got out before the stunning collapse. From the latest Tice commentary prudentbear.com note the commments about Fannie and Fredie Mike

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