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To: GraceZ who wrote (25940)	12/14/2004 2:08:07 AM
From: Mike Johnston	Read Replies (1) \| Respond to of 306849

One difference between 70's and today is that in the late 70's we had high inflation and high interest rates. Now we have high inflation and low interest rates ( a situation that is puzzling because it is against the laws of economics ) High interest rates killed off inflation between 1979 and 1982. Low rates of today will probably accelerate inflation even further.

To: GraceZ who wrote (25940)	12/14/2004 5:51:26 AM
From: Elroy Jetson	Read Replies (2) \| Respond to of 306849

Until your dying day, you can call Monetarist Socialism a "pig with lipstick" or "a distorted reflection of capitalism" or what ever name you like. It doesn't affect the reality of Monetarist Socialism in the slightest detail. New improved Cool-Whip is still not whipped cream. There's three things we know for certain: 1.) Monetarist Socialism is not Capitalism; 2.) Monetarist Socialism with it's subsidized over-lending system is grossly inefficient when compared to Capitalism. 3.) Monetarist Socialism is preordained to collapse by it's dependence on levels of debt which consistently grow faster than the economy. Like all Socialists, you have perfectly legitimate reasons why your Socialist system of hidden taxes and hidden subsidies is "more fair", "more efficient", or more to your taste. John Law made all of your same arguments when he developed his own version of Monetarist Socialism in 1715. cepa.newschool.edu Of course your version of Monetarist Socialism is far superior in design and execution - that goes without saying. Every Socialist believes they have found the most nearly perfect system ever devised by man. Those errors, which time revealed, in those other Socialist schemes are most definitely corrected. How could anyone have missed something so obvious! But time makes liars out of all of schemers. Eventually the public will come back to Capitalism having been sorely disappointed with the failure of Monetarist Socialism. Having gotten to know you somewhat, I have every expectation that you will then claim to have foreseen the collapse of Monetarist Socialism due to to some obvious deviations in the manner in which Monetarist Socialism was implemented, and if only you had been in charge Monetarist Socialism would still be reigning triumphant. Alan Greenspan shares your same hubris - and we'll soon see how that turns out. Incidentally, if you imagine the clever insights of modern Monetarist Socialists like Milton Friedman are quite different in character from those of John Law, this is most likely due to your lack of familiarity with John Law's insights and/or your lack of objectivity. .