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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Giordano Bruno who wrote (340240)	8/8/2007 9:34:37 PM
From: Real Man	Read Replies (1) \| Respond to of 436258

"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved. The breakdown appears as soon as the banks become frightened by the accelerated pace of the boom and begin to abstain from further credit expansion." -- Ludwig von Mises I think we are very, very close to that "final" moment. That's why Ben was tough, but Hank gave out cash under the table. Guess what? Still have to sell these treasuries due to high budget deficit, still have huge current account deficit, etc.