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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: GraceZ who wrote (36059)7/22/2005 7:09:51 PM
From: Elroy JetsonRead Replies (1) of 306849
 
Its nice that you took the time to warn people that hyperinflation, of the variety seen in the Wiemar Republic, is one likely outcome of irresponsible Monetarist economics combined with a tsunami of spending and debt creation by a reckless Republican Congress and President. It must be nice to see all of your hard work coming to fruition.

In a free market, home prices would have experienced a serious correction around 2002, two years after the stock market crash. But no Monetarist, and few Republicans are content to live with an un-subsidized free market.

Aggressive Monetarist debt creation, combined with massive deficit spending, has so far postponed the day of reckoning by some three years.

I estimate there is a greater chance of a deflationary depression similar to Japan than your preferred outcome of a Wiemar-style hyperinflation.

I know you Monetarists believe that the problems caused by excessive debt can always be solved by the creation of more debt, at least Milton Friedman believes so - and we know he's your go-to man when you're wondering what your opinion should be.

I believe piling more debt onto large amounts of existing debt merely postpones the inevitable problem. As Joseph Schumpeter said, "Policy does not allow a choice between depression and no depression, but between depression now and a worse depression later."
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