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

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To: KyrosL who wrote (61000)	1/24/2001 10:25:46 AM
From: pater tenebrarum	Read Replies (1) of 436258

i disagree. if the BoJ could 'engineer' inflation like these economists say it should, it would have done so long ago! once the k-wave winter begins, a CB is powerless to stop it. printing more money does nothing to alleviate overcapacities, bad debt and malinvestment. only a hands-off approach can achieve that, and like you say, a hands-off approach is not to be expected. the authorities will thereby unnecessarily lengthen and worsen the downturn. <<..as Friedrich Hayek put it in 'Monetary Theory and the Trade Cycle' in 1933:- 'To combat depression by a forced credit expansion is to attempt to cure the evil by the very means which brought it about; because we are suffering from a misdirection of production, we want to create further misdirection - a procedure which can only lead to a much more severe crisis as soon as the credit expansion comes to an end.' 1933 may be too far lost in the mists of time for us to contemplate, but anyone who considers the Japanese experience of the last 10 years will see the wisdom of these words. No wonder everyone is waiting to see which way Alan Greenspan will panic next.>> gold-eagle.com

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