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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Mike M2 who wrote (69454)	10/25/1999 12:41:00 PM
From: Mike M2	Read Replies (1) \| Respond to of 132070

Mike, one point that I would add to your argument is as debt levels expand relative to income -this is the present situation- an increasing share of income must be devoted to service that debt so at some point in the future it is not possible to have a stimulative effect. If debt expansion continues to grow faster than income without restraint default is inevitable and debt deflation sets in. Credit allows us to consume tomorrows production today but when tomorrow comes we must pay for yesterdays consumption. Will