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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: dpl who wrote (71304)10/7/2006 11:41:17 AM
From: TimbaBear  Read Replies (1) of 110194
 
From your link I find this paragraph encapsulates the crux of the debate that rages here from time to time:

"An increase in the quantity of money or fiduciary media is an indispensable condition of the emergence of a boom. The recurrence of boom periods, followed by periods of depression, is the unavoidable outcome of repeated attempts to lower the gross market rate of interest by means of credit expansion. There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved."

GST, myself and others suspect the two alternatives experience very different sets of how the outcomes manifest themselves. Additionally, I think we believe we have passed the first alternative and are headed directly into the worst one.

The other side of the debate apparently thinks that both alternatives face the same (or very similar) paths to resolution.

I, quite frankly, do not know which (if either) camp will be proven correct as there are key areas left unaddressed by both schools of thought.

Timba
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