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To: AC Flyer who wrote (117446)	8/18/2001 12:08:05 PM
From: Mike M2	Read Replies (1) \| Respond to of 436258

AC, the Austrians define inflation as credit growth in excess of the supply of available savings and needs of economic activity. Currently much of the inflation is in the financial markets not product prices. Since 1995 nominal GDP grew by $2.8 Trillion and credit grew by $10 trillion. For some perspective in 1929 credit growth barely exceeded $2 for every one $ of GDP growth.