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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: glenn_a who wrote (20119)	10/17/2004 10:13:43 PM
From: russwinter	Read Replies (1) of 110194

Yes indeed, thanks. This part I think may describe what could happen or may be beginning to happen(4% yoy money supply growth, see page 13) northerntrust.com in Japan from all the zero interest bank deposits they've allowed to accumulate via their massive currency interventions. Substitute Mark for Yen. For these reasons inflation resumed after the peace until by February 1920 the price level was five times as high as it had been at the armistice. Yet during this same time the amount of currency in circulation had only doubled. Prices were in fact rising much faster than the rate at which money was being printed. Therefore, reasoned the officials, the price inflation could hardly be blamed on the government. Actually, as we shall see, the ebb and flow of confidence can play a big role in the short-term trend of prices. Confidence in the mark had weakened. At the same time, and as a consequence, billions of hoarded marks came out of hiding and entered the marketplace. The accumulated fuel was burning.

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