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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Ilaine who wrote (6155)7/21/2001 8:03:13 AM
From: Don Lloyd  Read Replies (1) of 74559
 
CB -

...As recent events have shown, we don't need the Fed to create credit money, and they didn't back then, either. ...

There may be a distinction to be made between active policy of the FED and the structural fact of fractional reserve fiat banking that allows a wider range of fluctuations to occur than would otherwise be the case.

Regards, Don

edit - When I see the word credit, I take it to mean the ability to borrow money, rather than actually necessarily doing so.
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