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To: Ilaine who wrote (412)	2/16/2002 10:48:06 AM
From: Don Lloyd	Respond to of 443

CB - No, he was concentrating on pure fiat money regimes. I sent him an email suggesting that there was a fifth type of deflation, Trade Deficit Deflation, where imports competed the prices of domestic goods down and the payment for them decreased the domestic money supply. He agreed with that for a gold standard economy, but said that fiat payments were maintained in domestic banks except for small hyperinflation countries that use the dollar as money. Regards, Don