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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: austrieconomist who wrote (1650)10/27/2003 11:47:11 AM
From: russwinter  Read Replies (1) of 110194
 
Contrary Investor
contraryinvestor.com
addresses money growth in spades in their 10/23 subscriber write up.

Their preamble:

"No Mas?...You'll remember that last week we took a quick look at recent M3 (broad money supply) growth and concurrent changes in the broad equity market averages as represented by the S&P. Without sounding melodramatic, we need to remember that what we are living through at the moment is more a credit cycle as opposed to a business cycle in the traditional sense. In fact, it's quite possible that this is the greatest credit cycle this country has ever experienced. As such, money and credit creation are extremely important in the current environment. For long time readers, we hope you know by now that we are very infrequently given to emotional or unequivocal outbursts. As much as possible we try to rely on the facts and continually remind ourselves to at least try to remain balanced in outlook. Well, this is one of those times where we need to plant the flag, even if we end up looking like idiots down the road. The contraction in broad money aggregates over the recent past is serious. It's serious for the equity markets and it is very serious for the economy as a whole. In a grand credit cycle, the party comes to an end when liquidity dries up or the rate of change in borrowing slows meaningfully. End of story."
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