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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Freedom Fighter who wrote (218210)2/1/2003 10:18:42 AM
From: yard_man  Read Replies (1) of 436258
 
Wayne,

I don't care if he is triple counting -- the accumulation of debt remains exponential and it IS a virtuous circle -- with ever greater sized loans at low rates stimulating unsustainable rises in price which justify more money being loaned.

It is a bubble and Noland is right that Japan was in different shape and had some options for dealing with the aftermath that we don't ... you can talk about degrees, but you can't reasonably argue that there hasn't been the kind of exponential growth of debt he is talking about.

Granted, sale of one debt to another is not two debts, but if through acquisition of the "debt" someone counts that as an asset (i.e. an income stream) and lends out more on that basis...
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