I'd wreck that right there.
BTS
For the Peter Schiff fans
by BurnTheShips 15 Replies latest jw friends
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watson
Ohhhh Liz!
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Warlock
Sorry, but Ravi Batra wrote about this in the 1980's, even though his timing was off by 10-15 years.
Warlock
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BurnTheShips
Ok, but then how should such a "less money" policy be enforced?
Don't expand the money supply so much.
BTS
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kurtbethel
“We need to acknowledge the mistakes we made in the past and right them. Let the credit crunch proceed. Put an end to consumer credit, which is what the market is trying to do. Americans need to stop buying things. We should all go on a couple of years’ buying hiatus. I can certainly go without any new clothes for a year or two or buying a new car or more stereo equipment. I’m sure most Americans can live pretty well for a while on the crap we own.
“We need to save our money. We need to earn a lot of money and not spend it. We need higher interest rates. We need lower asset prices. You’ve got a bunch of broke Americans living in expensive homes. The prices need to come down. Tuitions need to come down. The government is interfering with the market’s attempts to bring prices down. There is no solution that is not going to involve some pain. If people don’t go to the malls, people will lose their jobs. We have too many malls. We have too many people working on Wall Street. We don’t need to build new houses for a new decade.”
This is a good call. Americans have been acting like the credit junkie who is ringing up stuff living large and only paying the minimum. That minimum is now too large. Too much stuff is being obtained on borrowed funds. Time to change that, and opening another line of easy credit is not a fix.
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BurnTheShips
This is a good call.
The funny thing is that this is exactly what would happen if the government did nothing. The market would correct the government-created imbalance on its own. Water seeks its own level.
BTS