Wayne:
I've read most of what he has written. Obviously, he is intensely knowledgeable with respect to deflationary waves, and their causes. I think he is much to blame (far too much loose money, and for far too long), but I also think that the non-existent control of other global money-printing activities that are outside the purview of the Fed, also share the blame.
Once Asia blew up, he became a prisoner of the situation, as his only hope was to turn the taps wide open and hope that N. American buying could haul Asia out of the hole. It was a "farm" bet, and he lost. Now, we will pay an even larger price for this decade and a half of excessive printing. None of us can call the actual day of reckoning, but only the lambs are unaware of it's close proximity. it will take half a generation to clean this mess up, and there will be more than just economic woes over which tears will be shed. Not looking forward to it by any means.
Best, Earlie |
