Biflationary Depression

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LightRocket via Getty Images. More On: u. Gunn sees a brutal deflationary spiral ahead in the next downturn.

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Next Crisis To Be A Hyper-inflationary Depression? (Live Stream)

Jonathon Trugman. Now On Now on Page Six. Video length 39 seconds Baby and pup have a barkin' good time playing with robotic dog. That is the danger of accumulating so much debt. We are starting to see it played out in various economies throughout the world. Another common thread is, that all the economies in trouble use money. I edit the stuff myself. Majored in marketing and then MBA, not english! How can it be that the policies of the few lead to such a situation, i.

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North Korea? Are we again to repeat the loss of the Roman Republic, who is Cincinnatus? Neither sons was ever told the difference between Keynes and Austrian schools of thought regarding the economy. As a divorced father, I tried to pull them out of California… but the courts slammed-dunked me.

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By the way, Austrian School is different in many respects from the Chicago School. Chicago School uses much more data and math. Keynesian economics is based on the belief there is such a thing. I totally agree with his healthy disgust of socialism, but describing Europe as total chaos and unsafe is utterly hypocrite, considering that until a few months ago, murder was the number one cause of death in the USA, and social mobility is lower than those so called socialist country in Europe. Murder has never been the number one reason for deaths in the US. I suggest you check your credulity on US statistics and seek out more diverse sources.

There are two fundamentally opposed means whereby man, requiring sustenance, is impelled to obtain the necessary means for satisfying his desires. I propose. Ebooks and Manuals

The state is an organization of the political means. Christians and Jews should easily know how this must violate the Commandments that forbid coveting and theft, apart from it being the lie that it is. Further, it can only be imposed by compulsion and coercion, meaning simply the implied thread of deadly force. Keynes put forth his theory in an attempt to help support secular Utopia. His beef with the economy of his day was the notion that people were poor because they could not borrow sufficient money.

If government made money so inexpensive by depressing the interest that banks could charge, people could borrow enough to become prosperous. In doing so, Keynes implies that government has control over the value of money and its value over time. He also claims control over the wealth and total future income of every citizen. When combined with taxes on wealth and incomes, government inflation via money printing is the grandest scheme of theft in all human history. Me: Socialism is the morally bankrupt ideology that claims society would be better if everyone lived at the expense of everyone else.

Everything in Denmark is very expensive. They are not poor by any means, they just pay a lot for basic things.

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I go there in business quite a lot, and rent a room in the UK to a Danish friend. This is in two countries only an overnight ferry ride apart so no great natural barriers to price competition. Why is Denmark, and indeed the whole of Scandanavia, so expensive? New cars are taxed. Imports are taxed heavily too, even if they are very old.

Beer is taxed even more than it is here in the UK. So people are actually pretty poor, despite high earnings. They have less freedom, as the government decides what they spend on with the tax regime. Jeez, correct your typos before you post. Home prices increased, but far less dramatically than they did in the s.

Stock prices tripled from the beginning of to the autumn of , when the crash occurred. Irrational exuberance took hold. Investors were buying stocks because stock prices were increasing, and prices were increasing because investors were buying stocks. Stock market wealth was a smaller component of household wealth than it is today, but higher stock prices helped reduce the cost of capital and increase business investment. In both the s and the mids, economic euphoria was pervasive as bubbles in asset prices led to surges in spending—and those spending increases further inflated the bubbles that had fostered them in the first place.

Then asset prices imploded, household wealth shrank, and banks suffered large losses when borrowers were unable to repay their loans. The recession of —09 and its aftermath more closely resemble the Great Depression than any of the other post—World War II recessions. Indeed, this episode might aptly be called the Mini-Depression of — By contrast, the standard postwar recessions did not involve significant declines in either stock or real estate values or large loan losses by lenders apart from the localized failures of banks and thrift institutions in the oil- and grain-producing states as a result of the —81 recession.


The decline in the capital of banks and other financial institutions between and was much greater than the combined declines during the previous 10 recessions. The recession did not cascade into another depression because the U. Treasury and the Federal Reserve provided abundant funds to recapitalize the banks and limit their distress selling of assets. This intervention—which began in September —sharply reduced the likelihood that a liquidity crisis would morph into a solvency crisis. Had the Treasury and Fed intervened several weeks earlier, however, the bankruptcy of Lehman Brothers would have been prevented, the recession would have been significantly less severe, and the postrecession expansion would have been more robust.

Even this intervention would have been unnecessary had the Fed and government bank regulators recognized the emerging bubble in property prices in and and used their authority to curtail the risky and pernicious credit practices of Countrywide, Washington Mutual, Fannie Mae, Freddie Mac, and other financial institutions. There was abundant evidence, based on the growth rate of the American population, that housing starts far exceeded demand, and the decline in the credit standards of some of the most aggressive mortgage lenders was no secret.

Yet when real estate prices began to fall and the tightening of credit led to the collapse of big lenders, it became clear that neither the Federal Reserve nor the U.

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Treasury had contingency plans to deal with runs on banks and other financial firms. A few ounces of prevention would have yielded a ton of cure. Robert Z. Aliber, a former Wilson Center fellow, is a professor emeritus of international economics and finance at the University of Chicago's Booth School of Business. His latest book with Charles P. View the discussion thread. Skip to main content. Wilson Quarterly. Wilson Quarterly Archives. Current Issue Archives About. Search form Search. Great Recession or Mini-Depression?