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

To: stockman_scott who wrote (10013)	12/5/2002 2:27:12 PM
From: Jim Willie CB	Read Replies (4) \| Respond to of 89467

just read Noland commentary on Great Depression link my EDEN OF FOOLS image continues to stick and apply Keynes, Friedman and Schwartz -- scholars? not in my mind Keynes is the architect of buildings that fall down Friedman and Schwartz are apologists of failed policy when the building falls down, these fools claim that it fell from insufficient cardboard layers in the foundation !!! (read: insufficient liquidity) in the late 1920's you could use 10:1 margin with stocks $1000 to purchase $10,000 worth of shares how is that tight Fed policy ??? the interpretations of the Great Depression are simply made politically convenient in order to justify continuation of the very same policy that is accepted and demanded today, made essential to pay for a socialist system gone out of control start with the conclusion, then work backwards in justification that is what I see continually add some stupid myopic conclusions along the way the printing press and unending source of credit extension is the problem but they are the primary tools of the wealthy a multi-millionaire does not use 100% cash to purchase a mansion, nor a small company he uses credit, i.e. other people's money or in many cases, money created from nothing but a solid credit history as long as lessons are not learned properly from past history, the events will repeat, or at least rhyme I smell massive STAGFLATION in its early stages these guys dont get it, they may never get it when the real nasty economic stresses continue, they will misinterpret that also what is wrong? THEIR ENTIRE THOUGHT PROCESS / jim