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Politics : Ask Michael Burke

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To: Earlie who wrote (46212)	2/9/1999 7:47:00 AM
From: Mike M2	Read Replies (1) of 132070

Earlie, you're up early ho ho ho. My Feb. issue of Richebacher points out that during the first 3 Q's of 98 non federal debt increased by $702 billion while national income rose by $240 billion. He also notes the increasing share of credit being created outside the banking industry -securities and nonbank financial intermediaries . this credit growth does not show up in the monetary aggregates. In 1998 M3 increased by $636 billion, M2 $ 381 billion while non financial debt surged $ 1 TRILLION. Folks this is what Da Austrian economists call credit inflation ho ho ho Richebacher Letter 1217 St. Paul St. Baltimore, MD 21202

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