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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: orkrious who wrote (88462)11/5/2007 1:44:41 PM
From: GST  Read Replies (4) of 110194
 
So you go along with this? You want to call a credit contraction "deflation"? If credit is contracting and prices are soaring then you would have to call it a time of deflation despite what prices are doing. Is that what you want to do -- soaring prices mean nothing because we are really in a time of "deflation"? This where this stupid perversion of the English language takes you. A credit contraction is NOT deflation -- it is a credit contraction. Deflation is a drop in price levels. In one of his recent posts, Mish dispels the rise in oil prices as "inflationary" because it is not related to monetary expansion -- it is a joke. If you define inflation as an expansion of money supply then you are forced to ignore the camel in the tent -- soaring prices. Money supply is but one element in the determination of prices and currency valuations.
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