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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (67897)9/21/1999 7:59:00 PM
From: Lymond  Read Replies (1) of 132070
 
Mike,

By you brain cancer metaphor, you seem to imply that all credit creation is ultimately bad. It is oftentimes the case. Boom/bust cycles are inherently created when credit creation gets out of synch with real economic growth potential. Here your steroids metaphor applies. But is there any room in your mosaic for "good" credit creation, where loans are properly priced and help to reduce friction in an economy? Relatedly, you attribute the Japanese "miracle" to savings. How were these savings funneled into the economy, other than through credit creation?

I am extremely skeptical of so much of this new-paradigm bs. Some serious pain is on the way. But compared with you, I look a woolly eyed optimist <g>.

Regards, John
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