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From: John McCarthy	4/23/2008 9:05:47 AM
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To: koan who wrote (78125) 4/21/2008 10:29:39 PM From: mishedlo 1 Recommendation Read Replies (1) of 78212 Good Lord. globaleconomicanalysis.blogspot.com Deflation: A net contraction in money supply an credit. That is a tried and true definition based on Austrian Economics. Nowhere in the definition is any statement about commodity prices or the US dollar. I have explained at length why credit, marked to market is falling. globaleconomicanalysis.blogspot.com globaleconomicanalysis.blogspot.com Right now what we have is deflation with a weak dollar. That weak dollar, in conjunction with peak oil, has caught nearly everyone off guard to the point they are screaming about oil prices and bond bubbles, while missing the far more important deflationary forces of foreclosures, bankruptcies, and massive writedowns in credit. The combination of a weak dollar, peak oil, job losses, falling home prices, walk aways, and global wage arbitrage is the checkmate scenario for the Fed. Bernanke will find it impossible to inflate out of this mess. Mish Message 24520508 CRACKER

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