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Gold/Mining/Energy : Gold Price Monitor
GDXJ 98.59-2.8%Nov 13 4:00 PM EST
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To: PaulM who wrote (30202)3/17/1999 2:50:00 PM
From: Alex  Read Replies (2) of 116762
 
<<"There should be no doubt in anybody's mind that inflation is a thing of the past." This is a quote in Monday's Wall Street Journal from an economics professor and former chief economist of a money center bank. This quote is reminiscent of that of another famous American economist, who, in 1929, said the U.S. economy was on a permanent plateau of prosperity. Was the roaring inflation of the 1970s an aberration? Yes. But might the extremely low inflation of the 1990s also be an aberration? I would be more confident in saying that the low inflation of the 1990s is the norm if the economies of Japan and Euroland were growing more in synchronization with ours. But Japan, the third largest economy in the world after ours and Euroland's, just reported a 2.8% contraction in real GDP for calendar 1998. After growing an annual average of 3.8% in the decade of the 1980s - even with all of its structural problems - the Japanese economy has hardly registered an annual pulse on average over the past seven years. When Japanese economic growth turns positive and Euroland unemployment falls into the single digits and we still are experiencing consumer inflation below 2%, then I will be more amenable to saying that inflation is a thing of the past. >>

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