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Agreed with your assessment of the situation at

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gitonwithit   Monday, 09/23/13 08:54:03 AM
Re: stkjunky post# 122446
Post # of 140143 
Agreed with your assessment of the situation at hand. I do find that article to be one very interesting read (took me about 3 times to piece most of it together). Lot's of good information there about the why of what is happening now.

For instance, I am the 1970s/1980s person they allude to who grew up with conventional economic principles and remember the S&L mess first hand. Back then for the most part you deposited your money and then the banks took all their deposits and loaned them out to generate credit. Nowadays, not so much as pointed out in the article. Interesting to consider why and when that changed along the way.

I don't believe the inflation stats are correct (or damn near any of the statistics for that matter). For one, they have been revised and recalculated so that they are meaningless in relative terms. For two, in terms of the article and the role of shadow banking vs 20 years ago, maybe they are useless anyway. In the article they point out that having reserves at Federal Reserve doesn't necessarily result in credit creation and may actually reduce credit velocity because of shadow banking entities and the role of collateral pledging in modern finance. Always thought I had a pretty good idea of what shadow banking was but today I looked it up for the first time and it's a pretty good read despite what I thought I already knew. Anyway, I'm going to read it a few more times and also the supporting documents they link to. Nothing quite like understanding cause to determine effect.

the government cannot give anything to anyone -- that they have not first taken away from someone else.
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