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To: NOW who wrote (105844)	5/31/2001 10:53:00 PM
From: John Pitera	Respond to of 436258

david, that's a very good point

To: NOW who wrote (105844)	6/1/2001 12:26:23 AM
From: Tim McCormick	Read Replies (3) \| Respond to of 436258

The new era of monetary central planning in the information age, creates two opossingly spinning wheels of deflation and inflation. The wheel of capital intensive production ie manufacturing is deflation. The wheel of capital unintensive production ie service sector is inflation. The malinvestment caused by moral hazard creates a continual problem of excess capacity in capital intensive production as it artificially tries to lower the cost of capital below it economic equilibrium cost. Rather than too much money chasing too few goods, we have too much money chasing too little economic production capacity. At the same time we do have too much money chasing too little service capacity. Have a good one.