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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (33926)7/20/2005 9:41:09 PM
From: Elroy Jetson  Read Replies (2) of 116555
 
This comment, from Alan Greenspan today, shows that he believes Americans are extremely gullible, or perhaps it is just an indication of how self-deluded he is.

"Central bankers began to realize in the late 1970s how deleterious a factor inflation was and indeed since the late 1970s central bankers generally have behaved as though we were on the gold standard.

And indeed, the extent of liquidity contraction that has occurred as a consequence of the various different efforts on the part of monetary authorities is a clear indication that we recognize that excessive creation of liquidity creates inflation which in turn undermines economic growth.

A growth in the Debt Supply / Money Supply, twice as fast as the growth of the economy is apparently the very model of Monetarist Prudence. Not exactly a gold standard. Prudent only relative to the true horrors Monetarism could unleash.

A belief in Monetarism appears to induce a form of psychosis over time.

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