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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Box-By-The-Riviera™ who wrote (3469)	7/12/2000 9:04:37 PM
From: pater tenebrarum	Read Replies (1) of 436258

Joel, as many other economists he has never as far as i know expressed any particular concern over the growth in credit and the current account imbalance. there seems to be a consensus that those can be safely ignored and that govt. data are not in need of some critical questioning. when one looks at charts overlaying money supply growth, commodity indices, or the ECRI gauge with reported inflation, a curious gap between the correlation in previous periods and the current one is apparent. that by itself raises the question if a)inflation will catch up, or b) the reported numbers understate it somewhat. generally many economists seem to generously overlook that the positive aspects of the current boom were present in other credit-led booms as well...very few acknowledge that there might be a future problem. interestingly, European newspapers have also taken to reporting on the extreme levels of private sector debt in the US lately. i am really surprised that no mainstream economist ever seems to mention it publicly...

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