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Politics : Ask Michael Burke

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To: BGR who wrote (48371)	2/23/1999 9:43:00 AM
From: Mike M2	Read Replies (1) of 132070

BGR, other than asset inflation -ho ho ho . Historicly ,Asset inflation is associated with greater economic damage than product inflation because central banks tend to let asset inflation get out of control. Look at the 20's in the US and the 80s in Japan. In the first 3 Qs of 1998 in the US for each dollar added to national income $2.92 was added to debt and for each dollar of GDP growth $ 2.66 of debt was added. What the monetarists call liquidity is actually excesses in credit and debt. How long can debt grow faster than incomes or economic activity? anyone see a problem here -g-. Mike

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