Let's Just Say It: Print More Money [View article]
You state: "..Bankruptcies, defaults, and deleveraging are destroying money at an historic pace..".
True, money has been destroyed, but not wealth.
Wealth was not destroyed. Houses did not burn to the ground. Factories did not turn to rubble. Airplanes did not vanish into thin air. Malls did not vaporize. No real wealth was destroyed. A money illusion of wealth which had been conjured, now turns out to be just what it always was, an illusion. So, time to face reality than to continue attempting to create illusions.
What you advocate is attempting to reflate an illusion that created the overcapacity that you so decry. The money bubble illusion certainly created overcapacity in some areas, at the expense of others. Education, health, environmentally sound energy, all suffer from underinvestment, whereas financial chicanery, shopping, and amusements all have overcapacity. Attempting to perpetuate this warped economy will simply create larger problems down the road.
Let's Just Say It: Print More Money [View article]
True, money has been destroyed, but not wealth.
Wealth was not destroyed. Houses did not burn to the ground. Factories did not turn to rubble. Airplanes did not vanish into thin air. Malls did not vaporize. No real wealth was destroyed. A money illusion of wealth which had been conjured, now turns out to be just what it always was, an illusion. So, time to face reality than to continue attempting to create illusions.
What you advocate is attempting to reflate an illusion that created the overcapacity that you so decry. The money bubble illusion certainly created overcapacity in some areas, at the expense of others. Education, health, environmentally sound energy, all suffer from underinvestment, whereas financial chicanery, shopping, and amusements all have overcapacity. Attempting to perpetuate this warped economy will simply create larger problems down the road.