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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Wyätt Gwyön who wrote (55332)1/8/2001 2:03:50 PM
From: pater tenebrarum  Read Replies (2) of 436258
 
yada yada , new era, yada...-g-

what proponents of this erroneous argument tend to overlook is the fact that today's excesses in debt creation and asset overvaluation put the excesses of 1929 to shame. the main difference between now and then is that the US used to be a creditor nation then and is a debtor nation now. also, the presumed 'better safety net' isn't really better at all, as the complexities of the system it is supposed to safeguard have increased commensurately.
in '29 there was no derivatives daisy chain for instance that could waylay the system - now there is. if one only stops to think for a moment that a single bank has exposure the notional value of which approaches global GDP it becomes clear how woefully inadequate our 'safety net' probably is. the credit induced money supply explosion boom has truly warped people's perceptions.
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