Doug:
H, I think it's worth testing the hypothesis that when
PEN-L gets a thread going on economic vulnerability, the
economy is about to accelerate. This is a good real-time
test.
Well! It is not just PEN-L. Bill Gross thinks so too.
Sabri
Fund chief issues global warning
robust economic climate (see my June 14
essay in the Global Economic Forum, Escape Act). While he concurs that
the emergency of last year's deflation scare may well have justified
extraordinary monetary accommodation, he was equally quick to suggest that
the excess stimulus must be removed promptly
And this is what Kenneth Rogoff says.
Maybe we should invite him to PEN-L?
Sabri
++
The hidden threat of extreme events
By SAMUEL BRITTAN
Financial Times (London, England)
June 18, 2004 Friday
We are now in one of those phases where highly favourable economic data
clash with an
Michael Perelman wrote:
Are wage increases outstripping benefit cuts?
In the U.S., real wages (ex benefits) are about flat, though they
stayed positive through mid-2003 or so. The compensation measures in
the productivity series are rising, mainly because health insurance
premiums are up
I wrote:
in which the global downward harmonization of wages and social
benefits is dragging down consumption
Doug asks:
Where are wages falling? And where is consumption falling (even after
subtracting debt growth)?
real wages are falling at this point in the US, but that's a short-term
Doug, I don't understand. If health insurance premiums are increasing because of
improvements in health care, real benefits might be increasing. Otherwise?
On Sat, Jun 19, 2004 at 12:23:35PM -0400, Doug Henwood wrote:
Michael Perelman wrote:
Are wage increases outstripping benefit cuts?
In
Doug Henwood wrote:
H, I think it's worth testing the hypothesis that when PEN-L gets a
thread going on economic vulnerability, the economy is about to accelerate.
This is a good real-time test.
Good point. There's an upswing. Some financials will get fixed and debts
will be rolled over.
H, I think it's worth testing the hypothesis that when PEN-L gets
a thread going on economic vulnerability, the economy is about to
accelerate. This is a good real-time test.
Doug
the economy will accelerate until early November.
jd
-Original Message-
From: Doug Henwood [mailto:[EMAIL PROTECTED]
Sent: Fri 6/18/2004 7:43 AM
To: [EMAIL PROTECTED]
Cc:
Subject: Re: [PEN-L] Deflation?
H
-
From: Doug Henwood [EMAIL PROTECTED]
Sent: Jun 18, 2004 10:43 AM
To: [EMAIL PROTECTED]
Subject: Re: [PEN-L] Deflation?
H, I think it's worth testing the hypothesis that when PEN-L gets
a thread going on economic vulnerability, the economy is about to
accelerate. This is a good real-time
/~jdevine
-Original Message-
From: s.artesian [mailto:[EMAIL PROTECTED]
Sent: Friday, June 18, 2004 10:55 AM
To: [EMAIL PROTECTED]
Subject: Re: [PEN-L] Deflation?
Nothing new here. It's just the old contrary contrarian
thesis in list form. Besides since when are economic
Jim Devine writes:
the problem is that it's possible for what superficially looks like
vigorous growth to hide deep instability. I interpret the US boom of the
late 1920s in these terms, just like Bob Pollin's interpretation of the
Clinton boom in his recent book...
Agreed but...isn't the
I wrote:
the problem is that it's possible for what superficially looks like
vigorous growth to hide deep instability. I interpret the US
boom of the
late 1920s in these terms, just like Bob Pollin's
interpretation of the
Clinton boom in his recent book...
Paul writes:
Agreed
Devine, James wrote:
in which the global downward harmonization of wages and social
benefits is dragging down consumption
Where are wages falling? And where is consumption falling (even after
subtracting debt growth)?
Doug
Interesting question. Are wage increases outstripping benefit cuts?
On Fri, Jun 18, 2004 at 06:13:27PM -0400, Doug Henwood wrote:
Where are wages falling? And where is consumption falling (even after
subtracting debt growth)?
Doug
--
Michael Perelman
Economics Department
California State
Michael Perelman wrote:
Interesting question. Are wage increases outstripping benefit cuts?
Shouldn't we be looking at the big picture? I just took Michael
Meeropol's Surrender : How The Clinton Administration Completed the
Reagan Revolution off my shelf right after the Rosenberg documentary on
Loui sProyect wrote:
What will reverse this? Certainly not electing John Kerry.
Are we really interested in making capitalism work or succeed? Is that the
purpose of the election on Novemebr 2?
But the gravy days of American capitalism are gone for good.
Without a doubt.
Joel Wendland
Talk has now turned from deflation to inflation. The Fed supposedly agreed to raise
interest rates once before the election and then let nature take its course until
November.
Doug Henwood seems to have been more correct than I was in his belief that the
economy would start to recover
Michael Perelman wrote:
how much of an interest rate hit, can the economy take without reeling.
I looked at the Flow of Funds.
From 2001Q1 to 2004Q1, total outstanding debt in the U.S. grew at 1.8%
quarterly. I suppose debt tends to grow faster than the GDP, but isn't this
too brisk a pace
Where do you think that the hit will show up first? Housing sector. Finance?
Vulnerable developing countries?
On Thu, Jun 17, 2004 at 06:26:29PM -0400, Julio Huato wrote:
Michael Perelman wrote:
how much of an interest rate hit, can the economy take without reeling.
I looked at the
Center for Economic Policy Analysis
Wednesday, February 4, 6:00 pm:
Tom Palley, Open Society Institute
The Economics of Deflation
Tom's paper is available for download from the CEPA website at:
http://www.newschool.edu/cepa/
The workshop is made possible with funding from the Irene
Eubulides wrote:
The workshop is made possible with funding from the Irene and Bernard
Schwartz Project on Markets, Equality and Democracy.
Wow. Bernie made his money as an arms contractor - Loral. Kill with
one hand, redistribute with the other?
Doug
- Original Message -
From: Doug Henwood [EMAIL PROTECTED]
Wow. Bernie made his money as an arms contractor - Loral. Kill with
one hand, redistribute with the other?
Doug
===
[C]apital comes dripping from head to foot, from every pore, with blood
and dirt.
--Marx,
concessions to the private corporate
sector for stimulating investment and output growth; and yet gross capital
formation in the private corporate sector as a proportion of Gross
Domestic Product (GDP) has stagnated and, of late, even come down.
DEFLATION is the inevitable fate of any economy that gets
Deflationary Virus Spreading Worldwide
Abstract:
Toshihiko FUKUI (Chairman, Fujitsu Research Institute) argues that deflation is no
longer a problem peculiar to Japan and the whole world is starting to see the
phenomenon as it spreads across an increasingly integrated global economy. China
Title: PK on deflation
(It makes me feel good about the fact that I've been telling students about the down-side of deflation literally for decades. Of course, the texts generally tell them the opposite, especially at the intro level.)
December 31, 2002/New York TIMES.
Crisis in Prices
to boost prices by
printing unlimited amounts of money is matched against the ability of
countries such as China and India to deploy virtually unlimited numbers of
workers to burgeoning export industries. That makes deflation a problem
not only for Japan or the United States, but also for the rest
Greenspan said the central bank is watching for
signs of deflation. (Frank Johnston -- The Washington Post)
By Steven Pearlstein
Washington Post Staff Writer
Friday, November 29, 2002; Page A01
After half a century of trying to prevent prices from rising too fast, economic
policymakers have
it describes a number of examples of prices falling locally.
A Google search reveals the English language version of People's Daily,
eager to promote a report by BNP Paribas deflecting mutterings that China
may be responsible for global deflation.
http://english.peopledaily.com.cn/200210/30
Title: RE: [PEN-L:32528] deflation? redux
Larry Elliott says that fears of deflation explain
why the Fed cut interest rates this month, and why it would be prepared to back
up further cuts in the cost of borrowing with more unconventional means of
stimulating the economy - perhaps
. Economists seeking to explain the
current state of the world economy are looking at the mid-19th century, the
1930s and the early 1990s.
Why? Because Britain's local concern with inflation is at odds with fears
that a much bigger threat to the global economy deflation spreading from
Japan to the United
The risk of deflation
Comparing symptoms
Nov 7th 2002
From The Economist print edition
Can lower interest rates prevent the spread of debt-deflation to
America and Europe?
STOCKMARKETS rose in expectation of the Federal Reserve's
half-point cut in interest rates on November 6th to 1.25
[EMAIL PROTECTED] 10/28/02 04:22PM
HCM Market Letter
The U.S. economy is being stalked by vampire companies that are
effectively dead to their creditors but frighteningly alive to their
competitors.
on all hollow's eve:
capital only lives by sucking living labour, and lives the more, the
At 04:57 PM 10/28/2002 -0500, Lou quoted Yardeni:
Deflation is a very unstable and potentially dangerous economic
environment. Macroeconomists, particularly monetarists, believe it can be
overcome by pumping up the money supply. I am not so sure. I believe that
it is a consequence
1990s is that
deflation is a more significant risk. After the end of the Cold War, I
developed a simple War Peace Model for inflation. A glance at the
Consumer Price Index in the U.S. since 1800 strongly suggests that wars
are inflationary and peace times are deflationary. This makes sense to
me
But this does leave those interested in economic
modelling--which is indespensible, in one way or
another--with a kind of quandry. How do you
account for both uncertainty and for the collective
effects of uncertainty on behavior in a model? Does
it leave you with no predictive/ modelling
Title: RE: [PEN-L:31498] To Christian/ Keen on road to debt deflation/ Irrationality and all that
Christian writes:
But this does leave those interested in economic
modelling--which is indespensible, in one way or
another--with a kind of quandry. How do you
account for both
, but at best a
severe recession and at worst a fall into the uncharted territory of a debt-deflation.
Stability is destabilizing
Minskys key insight was that a period of stable economic growth leads
to rising expectations. This relationship is what makes financial crises
an inevitable side
A while ago on A-List I said this:
It is funny that someone who heads JP Morgan
is talking about expected cash flows, by the
way. It is mathematically the worst thing to do
to look at the expected cash flows. Any valuation
or risk assesment based on expected cash flows
belongs to a trash
As Adam Smith wrote:
The over-weening conceit which the greater part of men have of their own
abilities, is an antient evil remarked by the philosophers and moralists
of all ages. Their absurd presumption in their own good fortune, has been
less taken notice of. It is, however, if possible,
Michael quotes Adam Smith:
The chance of gain is by every man more or
less over-valued, and the chance of loss is
by most men under-valued.
In these days, our behavioral economics friends are discovering
that the loss of happiness from loss is larger than the gain of
happiness from gain, even
Title: war deflation
Deflation is a bigger threat than Saddam
Larry Elliott
Monday October 14, 2002
The Guardian [UK]
Military action by the United States against Iraq seems inevitable. Having won the support of both houses of Congress last week, George W Bush will now step up his
There might some simple method to the madness.
Hussein is the ultimate capitulation issue.
The US might use trade liberalization to beggar
Europe and E. Asia, but its trade--like its
military policies--is increasingly go it alone.
I suspect the National Security Council has a
deflation
from Eric Fry, Daily Reckoning:
*** And along comes Stephen Roach to explain why bonds
may continue to rise, as deflation comes to America:
The American economy now has a record exposure to
global competition. In the second quarter of 2000,
America imported a third as many goods
and socialization of labor at last reach a point where
they become incompatible with their capitalist integument
(http://www.marxists.org/archive/marx/works/1867-c1/ch32.htm).
Overcapacity and worldwide waves of deflation are finally threatening
to capsize the USA, the consumer of last resort already
The Wall Street Journal today has an article describing how companies are
angling to raise prices, often by surreptitious means.
In demand were strong, out and out price increases would be relatively
easy to engineer. I wonder if anyone has any thoughts on the immediate
future of markups.
--
Dial D for deflation
Sep 12th 2002
From The Economist print edition
Table.pdf
Description: Adobe PDF document
The biggest risk facing the world economy may be deflation, not a
double-dip
THE global economy continues to sputter. Yet most economists and
policymakers do not expect
Title: RE: [PEN-L:30366] deflation watch
Michael Perelman writes:
The Wall Street Journal today has an article describing how companies are
angling to raise prices, often by surreptitious means.
In demand were strong, out and out price increases would be relatively
easy to engineer
Today the Wall Street Journal had a little article on deflation,
but they placed it in the section geared to consumers rather than
investors.
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 530-898-5321
E-Mail [EMAIL PROTECTED]
Michael wrote:
Today the Wall Street Journal had a little article
on deflation, but they placed it in the section geared
to consumers rather than investors.
Michael,
I don't have access to WSJ so could you please summarize what
they say?
Best,
Sabri
.
is talking up the economy.
On Tue, Aug 13, 2002 at 03:01:19PM -0700, Sabri Oncu wrote:
Michael wrote:
Today the Wall Street Journal had a little article
on deflation, but they placed it in the section geared
to consumers rather than investors.
Michael,
I don't have access to WSJ so
Title: RE: [PEN-L:29415] Re: Re: deflation
it's not true deflation unless prices _in general_ are falling, though the fall in prices in crucial sectors can indicate that true deflation is in the offing. A really deadly deflation would involve falling money wages and falling housing prices
Devine, James wrote:
it's not true deflation unless prices _in general_ are falling,
though the fall in prices in crucial sectors can indicate that true
deflation is in the offing.
Consumer prices aren't falling, but producer prices are. Year-to-year
change in US PPI, all and excluding food
Title: RE: deflation
yeah, I know that. In fact, falling producer prices are a sign that consumer prices are likely to fall in the future.
A true deflation is like a pure inflation: it has to persist for awhile. It's only when retail wholesale prices -- and money wages -- have been
joanna bujes wrote:
I'm confused. The Federal Reserve, despite its name, is very much a
private concern, right? So, why should it not buy equities?
Not very much a private concern. It's a mixed bag. The Board of
Governors, based in Washington, are appointed by the pres and
confirmed by the
The New York correspondent of the Swiss journal Neue Zuercher Zeitung (NZZ)
today reports on the recently published Fed paper Preventing Deflation:
Lessons from Japan's Experience in the 1990s.
A couple of days ago the NZZ also reported on a rumour going around that
the Fed could have
From: Doug Henwood [EMAIL PROTECTED]
Hinrich Kuhls wrote:
A couple of days ago the NZZ also reported on a rumour going around that
the Fed could have directly intervened on stock markets and could have
bought large amounts of stocks
That one's always floating around. RIght-wing bears are
At 12:00 AM 07/31/2002 +, you wrote:
What?! The Federal Reserve is explicitly authorized to take equity stakes
in private enterprise? My God, is there anything the sovereign state of
the Fed is *not* entitled to do?
I'm confused. The Federal Reserve, despite its name, is very much a
From: joanna bujes [EMAIL PROTECTED]
At 12:00 AM 07/31/2002 +, you wrote:
What?! The Federal Reserve is explicitly authorized to take equity stakes
in private enterprise? My God, is there anything the sovereign state of
the Fed is *not* entitled to do?
I'm confused. The Federal Reserve,
Hope on the horizon for those fearing deflation. Also looks like something the
Justice Department might be interested in ;)
From EETimes (http://www.eetimes.com/semi/news/OEG20020130S0028) an article
about memory chips for, among other things, personal computers:
Major DRAM manufacturers
GM takes 0 1562396493eals to Jan. 2 ( Deflation ?)
by Ian Murray
13 November 2001
- Original Message -
From: Charles Brown [EMAIL PROTECTED]
GM takes 0% deals to Jan. 2 ( Deflation ?)
Buyers benefit as automaker aims to boost showroom sales; Ford and
DaimlerChrysler may follow
GM takes 0% deals to Jan. 2 ( Deflation ?)
Buyers benefit as automaker aims to boost showroom sales; Ford and DaimlerChrysler may
follow
By Joe Miller / The Detroit News
DETROIT -- General Motors Corp., bidding to grab more U.S. market share and keep the
squeeze on rivals, is extending zero
- Original Message -
From: Charles Brown [EMAIL PROTECTED]
GM takes 0% deals to Jan. 2 ( Deflation ?)
Buyers benefit as automaker aims to boost showroom sales; Ford and
DaimlerChrysler may follow
=
Not deflation, Islamic finance! :-)
They'd eat a Cadillac if they knew
Record fall in US prices prompts deflation fears
Heather Stewart
Saturday November 10, 2001
The Guardian
A record fall in American factory gate prices prompted fears yesterday
that September 11 has sent the US into a deflationary spiral.
At the same time, the Japanese government blamed
sector doesnt have enough problems, here's another one: The
recovery, when it comes, could be undone by deflation.
Aug 29 2001 06:01 AM PDT
OPINION One of the most shocking pieces of
technology news in recent weeks was the word that Intel plans to slash prices
on its
intervention in the stock exchange, and suffered a mere 5%
contraction. In 1999 it expanded. In 2000 the expansion increased and was
of the order of 10%.
In the four years since 1997 the burden has been taken by property prices
which fell by 65%. Deflation stands at 4%. This helps exports
it expanded. In 2000 the expansion increased and was
of the order of 10%.
In the four years since 1997 the burden has been taken by property prices
which fell by 65%. Deflation stands at 4%. This helps exports by reducing
the costs of manufacturers.
One factor in the expansion is the ability
In reply to Jim Devine:
--
I don't know what deflating the currency means. Usually its _prices_ that
fall, which is summarized as deflation. Under these conditions, the
currency gains value in terms of its commodity-purchasing power.
---
Let's get real
In reply to Michael Perelman:
David we were talking about something else -- not the inflation, but the
relative value of currencies. Yes, standard theory suggests that pumping
up the money supply is the cause of inflation, which then makes a currency
eventually fall.
Other
[Clearly someone worth engaging, no?]
Another Wall Street slide could set off worldwide deflation. And Japan shows
where that leads
Special report: Japan
Guardian Unlimited Money
John Gray
Tuesday March 27, 2001
The Guardian
"We need to tame deflation and make it benign. To do so we
Of course, the Fed could have tried to slow the bubble by
raising margin requirements. It's not clear this would have
worked, but then again, the Fed never tried it.
Jim wrote:
I didn't finish my thought here. The Fed had a hard job in this
situation,
which involved a private-sector-led
Of course, the Fed could have tried to slow the bubble by raising margin
requirements.
It's not clear this would have worked, but then again, the Fed never tried it.
right, but the officially-"independent" Fed isn't independent of pressure from the
financial interests, who hate that kind of
1. Is there an ongoing monetary deflation? Again, I am asking about a
world-wide monetary illiquidity phenomena, not an economic contraction.
I'm not sure about the phrase "monetary deflation," but "deflation" refers
to a steady decline of prices. A world-wide
I wrote:
The Fed has clearly contributed, though the factors discussed above (the
race to the bottom, competitive austerity and export promotion) encourage
it too. I think it's a mistake to put too much blame on the Fed, because
the world economy has been facing a situation that is
For those interested, my supply-side gurus are taking the position that the
world economy is suffering a severe monetary deflation, mainly caused by
errors at the Fed. If true, Lefties especially should be concerned, because
monetary deflation has directly negative consequences for the ability
David Shemano wrote:
For those interested, my supply-side gurus are taking the position that the
world economy is suffering a severe monetary deflation, mainly caused by
errors at the Fed.
...because, as every supply-sider knows (and every monetarist too -
this is one point they agree
Doug Henwood wrote:
--
For those interested, my supply-side gurus are taking the position that the
world economy is suffering a severe monetary deflation, mainly caused by
errors at the Fed.
...because, as every supply-sider knows (and every monetarist too -
this is one point
If you could explain to me how monetary deflation can arise from private
market relations and not the actions of a central bank(s), I would be very
interested.
David Shemano
***
http://www.csu.edu.au/ci/vol06/keen/keen.html
Ian
David Shemano wrote:
Doug Henwood wrote:
--
For those interested, my supply-side gurus are taking the position that the
world economy is suffering a severe monetary deflation, mainly caused by
errors at the Fed.
...because, as every supply-sider knows (and every monetarist too
David, I tried to give an explanation in a book, The Natural Instability
of Markets.
David Shemano wrote:
If you could explain to me how monetary deflation can arise from private
market relations and not the actions of a central bank(s), I would be very
interested.
David Shemano
At 11:08 AM 3/19/01 -0800, you wrote:
For those interested, my supply-side gurus are taking the position that the
world economy is suffering a severe monetary deflation, mainly caused by
errors at the Fed. ...
Jamie Galbraith, a Keynesian, has also blamed international stagnation on
the Fed's
At 02:53 PM 3/19/01 -0500, you wrote:
David Shemano wrote:
For those interested, my supply-side gurus are taking the position that the
world economy is suffering a severe monetary deflation, mainly caused by
errors at the Fed.
...because, as every supply-sider knows (and every monetarist too
At 11:56 AM 3/19/01 -0800, you wrote:
If you could explain to me how monetary deflation can arise from private
market relations and not the actions of a central bank(s), I would be very
interested.
There is no such thing as "private market relations." Without the Fed and
other
[EMAIL PROTECTED] writes:
At 11:56 AM 3/19/01 -0800, you wrote:
If you could explain to me how monetary deflation can arise from private
market relations and not the actions of a central bank(s), I would be
very
interested.
How could a monetary deflation not arise from "private market rela
I hate to be crabby but I am working late and not enjoying it. Please give
me your take on my original intended question, as now reformulated, without
the capitalism bad, socialism good stuff:
1. Is there an ongoing monetary deflation? Again, I am asking about a
world-wide monetary illiquidity
on my original intended question, as now reformulated, without
the capitalism bad, socialism good stuff:
1. Is there an ongoing monetary deflation? Again, I am asking about a
world-wide monetary illiquidity phenomena, not an economic contraction. And
if not, why is the price of gold so low
I don't think anything necessarily. I am simply asking questions. The two
articles I linked discuss a worldwide monetary deflation. In other words,
the Fed has not created enough dollars to satisfy the world demand for
dollars. As a result, commodity prices, as best evidenced by gold, have
in the butt.
On Mon, Mar 19, 2001 at 10:03:18PM -0800, David Shemano wrote:
I don't think anything necessarily. I am simply asking questions. The two
articles I linked discuss a worldwide monetary deflation. In other words,
the Fed has not created enough dollars to satisfy the world demand for
dollars
I had in any case wanted to go back to the original question posed
At 11:08 19/03/01 -0800, David Shemano
wrote:
For those interested, my supply-side gurus are taking the position that the
world economy is suffering a severe monetary deflation,
How is deflation conceptualised in this usage
, as nominal GDP is now growing at a much
slower pace than real GDP. The EPA yesterday suggested that nominal
GDP would be only 0.4 per cent this fiscal year, compared with an
earlier projection of 0.8 per cent.
"It is now official - deflation persists," said Jesper Koll,
economist
Michael Perelman wrote,
Dave's report today had two indications that deflationary pressures are
weakening. Is that true? Other reports suggest that the economy might
be slowing down. What is happening???
Richardson_D wrote:
A survey of business economists showed that more companies
Dave's report today had two indications that deflationary pressures are
weakening. Is that true? Other reports suggest that the economy might be
slowing down. What is happening???
Richardson_D wrote:
A survey of business economists showed that more companies are raising
prices than at
Brad de Long is too modest. He should have told us about this. I think this
article looks really interesting. I can't really judge an article by an
editors' summary, but it seems to minimize the effects of international
deflation on global spending.
Maybe. It's U.S. centered (although
Brad de Long is too modest. He should have told us about this. I think this
article looks really interesting. I can't really judge an article by an
editors' summary, but it seems to minimize the effects of international
deflation on global spending.
"Should We Fear Deflation?" by J
AFTER GIVING DUE AND CAREFUL STUDY TO THE fallout from Ailing Asia, Reeling
Russia and Listing Latin America, weighing the possible impact of the
personalities filling our tiny screen from Monica Lewinsky (former First
Intern now embittered extern) and Osuna bin Laden (may his tribe decrease)
to
begun to question whether deflation is now a possibility, and to
assess the potential difficulties such a development might pose for the
economy.
Even if deflation is not considered a significant near-term risk for the
economy, the increasing discussion of it could be clearer in defining
Michael Perelman wrote:
Does anybody have any thoughts on the critique of the IMF by Stiglitz
and Sachs -- that the IMF is creating a deflationary economy to save the
banks?
This is speculation based on no solid information, but the World Bank funds
lots of infrastructure projects that provide
been a
collection agency/enforcer for the banks and an international proselytizer
for the free-market gospel for so long that it's hard to imagine it
switching gears and becoming a world balance-wheel until after a world
debt-deflation depression and political crisis hits. (Sorry about the mixed
On Thu, 8 Jan 1998, Michael Perelman wrote:
Does anybody have any thoughts on the critique of the IMF by Stiglitz
and Sachs -- that the IMF is creating a deflationary economy to save the
banks?
There is still faith in the Keynesian panacea?
Rakesh
Does anybody have any thoughts on the critique of the IMF by Stiglitz
and Sachs -- that the IMF is creating a deflationary economy to save the
banks?
--
Michael Perelman
Economics Department
California State University
Chico, CA 95929
Tel. 916-898-5321
E-Mail [EMAIL PROTECTED]
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