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Politics : Ask Michael Burke
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To: valueminded who wrote (52011)3/15/1999 1:43:00 PM
From: Mike M2  Read Replies (4) of 132070
 
Chris, there comes a point when a credit contraction overpowers attempts to reflate. The US tried to reflate in the 30s and Japan's attempts to reflate have failed. Governments can inflate away their debts but the private sector cannot. With private debts the the debtor must at some point pay down the debt ( less consumption) or default. " Liquidity" is not a magic tonic. A continuous inflationary expansion of creditonly leads to insolvency . If the expansion of the money supply were the key to sustained economic growth Latin America would be the most prosperous place on earth -g- Mike
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