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First of all, while stock markets have been celebrating the economy’s “green shoots,” the fact is that unemployment is very high and still rising. That is, we’re not even experiencing the kind of growth that led to the big mistakes of 1937 and 1997. It’s way too soon to declare victory.
What about the claim that the Fed is risking inflation? It isn’t. Mr. Laffer seems panicked by a rapid rise in the monetary base, the sum of currency in circulation and the reserves of banks. But a rising monetary base isn’t inflationary when you’re in a liquidity trap. America’s monetary base doubled between 1929 and 1939; prices fell 19 percent. Japan’s monetary base rose 85 percent between 1997 and 2003; deflation continued apace.
Well then, what about all that government borrowing? All it’s doing is offsetting a plunge in private borrowing — total borrowing is down, not up. Indeed, if the government weren’t running a big deficit right now, the economy would probably be well on its way to a full-fledged depression.
It's a good read. Check it out when you have time.
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Re: US Depression as a result of Obama excessive spending???
Obama and his a$s kissing groupies are destroying this country and these are the rotten bastards that want be in Charge Of Your Health and Your Family's Health.
Dear President Obama,
Shove Your Health Care Up Your A$s and Shove The Government Up Your A$s, keep that Grinning Pelosi Skank and her gang of rats out of my familys Health Care, go back to Chicago.
Harry Boy (Genius)
In The Absence Of Law And Order Society Will Surely Destroy Itself