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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: John Vosilla who wrote (29315)4/8/2005 10:21:07 PM
From: Elroy JetsonRead Replies (1) of 306849
 
Currency crank systems are based on the false belief that a nation's wealth increases when money and/or credit is increased.

It matters little whether this increase is a result of:

1.) dropping money out of airplanes;
2.) mailing everyone a check from the government "because its your money";
3.) reducing tax rates and paying for the reduction with new government debt;
4.) abandoning prudent lending requirements so everyone qualifies;
5.) dropping interest rates to zero;
6.) offering loans which feature no-payments for 100 years.

All of these currency crank ideas, and millions not listed above, operate in exactly the same way:

A.) they greatly speed up the turn-over of existing money (monetary velocity);

B.) they transfer wealth from those who have it to those it is given to or lent to.
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