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Politics : Ask Michael Burke

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To: Richard Nehrboss who wrote (70055)	11/5/1999 8:11:00 AM
From: Mike M2	Read Replies (1) of 132070

Richard, sfgate.com:80/cgi-bin/article.cgi?file=/chronicle/archive/1999/11/04/ED54888.DTL this article puts money supply growth at 60% since 1995. As I mentioned earlier the adjusted monetary base grew 61% during the 1921-29 boom. I must also emphasize the role of nonbank credit which is not captured in the monetary aggregates - I think 1998 was the first year that the nonbank sector provided more credit than the banking sector. I don't know why this is overlooked so often but it does show rampant inflation as defined by the Austrian school of economics - the expansion of money and credit beyond the needs of economic growth and the supply of available savings. Over the weekend I will post some numbers relating to nonbank credit. David Tice covers this subject in his Prudent bear commentaries. mike

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