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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: NOW who wrote (30271)4/28/2005 1:32:11 AM
From: Elroy JetsonRead Replies (2) of 306849
 
Since I believe, like non-monetarist economists, that the recession and de-leveraging is inevitable they might as well take it now.

There is no good reason to postpone the recession, and it will become increasingly difficult to do so, even if they want to. As Joseph Schumpeter said,

"Policy does not allow a choice between depression and no depression, but between depression now and a worse depression later.

Inflation pushed far enough would undoubtedly turn depression into the sham prosperity so familiar from European postwar (WW-I) experience, and would, in the end, lead to a collapse worse than the one it was called in to remedy.

For recovery is sound only if it does come of itself. For any revival which is merely due to artificial stimulus leaves part of the work of depressions undone and adds, to an undigested remnant of maladjustment, new maladjustment of its own which has to be liquidated in turn, thus threatening business with another worse crisis ahead."
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