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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: TheSlowLane who wrote (14279)	7/18/2003 11:34:28 AM
From: austrieconomist	Respond to of 39344

No, I agree with Uncle Harry. While Russell and some others were talking about the Fed "pumping with abandon" and "turning on the spigots", their commentary was not supported by the facts, at least as reported by the Federal Reserve Bank of St. Louis. 8% MZM growth was insufficient to support U.S. economic growth in 2000 and it is insufficient to support it now. The Fed has apparently now realized that much greater money creation will be needed in an effort to prop the economy. It has only been at it for two months now so it remains to be seen how long that effort will continue, or how effective it will be to revive the economy. As long as it does continue, though, it means that the Fed is actively engaged in the effort to devalue the dollar. I wouldn't bet against their success on that score.