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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (26706)	3/31/2005 9:16:16 PM
From: Elroy Jetson	Read Replies (2) \| Respond to of 116555

Traditionally economists have defined savings as income which is not spent and saved. These desperate new-era economists would prefer to define savings as any gain achieved in a speculative bubble which results from excessive credit creation. Because credit creation has run amok, they speciously claim that savings are therefore under-counted. Only in the world of the Monetarist is inflation deemed to a new form of savings. Its a telling comment on how deceived our society has become when flummery like this is printed in two of the business newspapers of record as news or even opinion. In an earlier era they would have been dismissed as currency cranks. .