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Richard duncan the new depression pdf


richard duncan the new depression pdf

Far East Economic Review, october 2008, download PDF, buyers, not savers, caused Americas deficit.
In his previous book, The Dollar Crisis (2003 Duncan explained why a severe global economic crisis was inevitable given the flaws in the post-Bretton Woods international monetary system, and now he's back to explain what's next.
Yes, he rightly notes that 'credit expanded 50 times between 19' - but note his date of 1964 is 4 years before the 1968 event, and it was expanding before that.He"s von Mises again that booms always result in busts.He writes: "Credit growth, inflation, and fiat money creation will determine the fate of the.Chapter 3: Creditopia, in this chapter the author explains what the '50 trillion' credit expansion did to the.He provides more graphs and text to describe the wide spread results of this contraction.In fact he notes that the contraction of credit was a shrinkage publication manual of the american psychological association ebook of the money supply.He notes, 'It was only.6 trillion increase in government debt since the end of 2007 that prevented a contraction in tcmd (the economy) so sharp that it would have produced a replay of the Great Depression." And of course there has been more.He correctly does note that banks shifted from reliance on demand deposits to time deposits, but does not mention that banks borrow (that is go into debt themselves) the funds they then lend.Note the past tense.Third, the increase in oil production now promises to Reduce the trade deficit once the government stops prohibiting export of oil and natural gas into the world market.The author is concerned that credit cannot continue to expand.Remarkably, he does mention the deflations of the 1830's and 1870's even though they disprove his previous discussion, and while mentioning them he fails to note that their overall result was very positive and greatly renewed economic expansion.Chapter 1: How Credit Slipped Its Leash.And it had expanded previously, for instance in the later 1920's.The author begins on a high note.His graphs depict the change.




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