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Pastimes : Don't Ask Rambi
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To: Gauguin who wrote (12315)9/4/1998 8:47:00 PM
From: JF Quinnelly  Read Replies (1) of 71178
 
It looks like we have a global deflation, and our market is the last to feel the impact. I've read a bit on deflation in the past few years; some writers make the case that once a deflationary cycle has started it can't be stopped by the action of central banks. You simply have to ride out the cycle. The 'Austrian School' attributes deflation to the excessive credit expansion of the preceding boom cycle; the bigger the boom, the bigger the bust. We have had a rather big boom in equity prices, maybe we are going to see an equally impressive bust before things turn back up. The Great Depression was an especially bad deflation, but unless we have 30% of the money supply evaporate like we did then when the banks failed we shouldn't see anything quite that dramatic.
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