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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: BGR who wrote (66412)10/5/1999 11:21:00 AM
From: Mike M2  Read Replies (1) of 86076
 
BGR, before the rise of the welfare state the classical economists defined inflation as an increase in the supply of money. The Austrian school of economics defines inflation as an increase in the supply of money beyond the needs of economic activity and the supply of savings. Product price inflation is just one possible outcome of inflation as defined by the Austrian school - it may also manifest itself in the financial markets and balance of trade. The political economists who do not see inflation are repeating the mistakes of the US in the 20s. There is rampant inflation which is not captured by the monetary aggregates due to the unprecedented role of the financial markets in supplying credit. In 1929 there was two dollars in debt created for every dollar of GDP growth we have recently hit FIVE dollars of debt growth for every dollar of GDP growth. It is important to remember that the financial markets are beyond the control of the FED and offer the opportunity for extreme leverage. If you are interested in examining an alternative view to the nonsense espoused by today's political economists read " Debt and Delusion" by Peter Warburton available at AMZON -UK I just noticed Former Fed governor Robert Heller will be on CNBS at 11:20 - he wrote an op-ed piece in the WSJ suggesting that the Fed should intervene in the stock market at critical times via futures. ho ho ho Mike
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