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Politics : Ask Michael Burke

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To: Don Lloyd who wrote (69965)	11/2/1999 6:00:00 PM
From: pater tenebrarum	Read Replies (2) of 132070

Don, i think that's oversimplifying things a bit...nevertheless, i believe that the modern Fed has repeated the cardinal mistake of the '20's Fed, which was to let a disinflationary environment seduce them into letting money supply growth run rampant. the only difference as far as i can see is that today's credit and asset bubble surpasses it's 20's equivalent in all respects. my criticism of the ECB is precisely that it is doing the very same thing. keeping the currency's value stable was of course meant in an inflation context. i have no problem with an appreciation of the currency's value (falling prices if looked at the other way)...in fact i'd welcome it, for the reasons mentioned. regards, hb

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