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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Joan Osland Graffius who wrote (151361)2/14/2002 11:30:33 PM
From: NOW  Read Replies (1) of 436258
 
"To date, the illusion of this intermediated credit as “real money” has fed on itself, allowing the “hot money” to be pyramided into even more Bermuda garbage.

But its not real “money” or “liquidity”. It’s really no more than a huge pile of bad IOU’s repayable only as long as the confidence pyramid holds up.

The cosmic joke is that all this “excess liquidity” floating around is really debt. And as soon as people realize that the cash they have been spread trading with is really a bunch of questionable loans made at the margin, you will see the MZM money supply line on Doug Noland’s graph drop in a straight line. Soon, you will wonder why Noland’s graph all of a sudden looks like the face of El Capitan in one of those Ansel Adams photos. "
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