Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: zonder who wrote (1785)	3/11/2004 12:46:32 PM
From: mishedlo	Read Replies (1) of 116555

However, the scenario between "credit bubble will have to deflate" and "setting in motion a deflationary debt depression" is not all that clear to me. The scenario is quite easy: How can bills be paid when we are losing jobs by the hundreds of thousands and new jobs that are being created pay on average 10,000 less than jobs lost according to govt stats. My hunch is that it is far worse than that. The only thing holding this economy together is easy credit and that is why Greenspan can not hike. If and when we reach the tipping point on jobs, it will not matter what hapeens. I think we are close if not there. Perhaps another round of refinancings will tide people over to the election. Then it's lights out and it will NOT take a hike to do it. Mish

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