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Pastimes : A Jackass, his PAL(indrome), and GOLD -- Ignore unavailable to you. Want to Upgrade?

To: Mike M2 who wrote (182)	1/15/2003 1:11:40 PM
From: Jim Willie CB	Respond to of 1210

nahh, I think by 2005 they will figure it out by then, Greenspam will be long retired and totally vilified by a large portion of the public but defended by the same idiot liberal monetarists if a new party leads presidency, then he will be scapegoated badly history books will not be kind to GreenScrotum he will be skewered, as having presided over (even feeding despite warning) the biggest credit-based speculative mania in the history of mankind those sound like words laced with hyperbole but irrefutably true what slays me still is the widespread continued ignorance about the perils of both fiat currency and unchecked credit expansion within such a monetary system while still unable to even define INFLATION properly INFLATION is the expansion of the money supply (monetary base) fiat currency and unchecked credit expansion creates havoc THEY PRODUCE INFLATION when speculative money chases certain assets e.g. stocks in late 1990's e.g. bonds in 2001-02 e.g. soon commodities generally THEY PRODUCE DEFLATION when investment money builds far too much production e.g. info-based technology, cars, and 175 other categories so undisciplined monetary expansion produces BOTH inflation and deflation WE HAVE A PERFECT STORM BUILDING economic recession, or worse stock decline currency crisis unfolding / jim