Wednesday, Jun 09, 2010
‘Time to Rejoice’ ?!?!?!
RICK ACKERMAN: Britain Becomes the First to Choose Deflation
"And that being said, we have just received the signal to an end to global stimulus measures — one that puts a nail in the coffin of the debate on whether or not Britain would “print” her way out of the debt crisis. That would have virtually guaranteed an eventual hyperinflation that would have spread to all Western nations, destroying the U.S. dollar as the world’s reserve currency in the process and ending several hundred years of Western economic dominance."
Posted by techieman @ 01:42 PM (1475 views) Add Comment
6 Comments
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1. mark wadsworth said...
He's very optimistic, I must say. He appears to take David Cameron at his word - and while the £6 billion 'cuts' announced in the first fortnight were a good start, that is only 1% of total government managed spending and within any margin of error of measurement. Things have gone deathly quiet since then.
2. estrader said...
http://www.facebook.com/note.php?note_id=429778350131
3. doom&gloom said...
@estrader. Good link on Schiff. As usual I agree broadly with most of what he says, especially with GDP being a measure of spending and not growth, and the folly of increasing government spending to try to induce growth.
Worthy of a repost on the main page if I may.
4. growler said...
I think everyone has dabbles with defecit spending for long enough without results. Danny CarteBlanche is still out there saying more more more, but he is now understanding he is becoming a lone voice.
So I am hopeful we do end up ending the splurge. OK, as soemone holding relative cash, a bit of deflation will be jolly nice as long as it is not too long. But long enough to really get the property market tanking down to where it ought to be before all the stupid lending
5. stillthinking said...
A truly excellent post by the very highly esteemed Techieman !
bit gloomy at the end.
6. debtfree said...
Good up until this point
"Why must hyper-inflation be the only alternative to deflation? "
hyper-inflation happens when there is a loss of confidence in the currency and happens in a deflationary invironment.
Inflation is an alternative to deflation, not hyper-inflation.
They are two different things.