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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: SOROS who wrote (4308)	8/11/2002 12:11:19 PM
From: Jim Willie CB	Read Replies (1) \| Respond to of 89467

Puplava didnt mention Brazil debts rose 150% in $ terms / jw

To: SOROS who wrote (4308)	8/11/2002 6:40:42 PM
From: Jim Willie CB	Read Replies (2) \| Respond to of 89467

Path Towards Depression? (bears repeating for emphasis) Authorities must be burning the midnight oil in an effort to dig their way out of the worst storm since the Great Depression. Their very actions now ensure that we are heading for another one every bit as bad as the last one by the very actions they are now taking. Seeing this unfold now shows we have learned nothing from history. A reading of Murray Rothbard's "America's Great Depression" will show that we are making all the same mistakes: - Preventing or delaying debt liquidation by expanding credit even further. - Inflating even further, money supply is now growing at an annual rate of 10%. - Keeping wage rates high. - Keeping prices high--through tariffs. - Keeping consumption high and discouraging savings. - Subsidizing unemployment. Read Rothbard and it isn't hard to see where this is all going. Like the Perfect Storm, where three storms converged and joined forces for four straight days, with winds blowing constantly until 100 foot waves were formed, we are seeing the same today. The three storms, the economy, the stock market, and the currency market, are all converging to form that rare event. It is far easier to see the parallels now and reach a conclusion. A new chapter or epilogue to my Perfect Financial Storm is in the works. I thought I was finished, but now I more clearly see the shape of the storm forming. It will be unlike any storm we have seen before. I spent a quiet day in the sun reading Rothbard's book with an eye on CNBC. I've always found economic history fascinating... especially when it provides you with a window into the future. by Jim Puplava