Deflation, inflation, it really doesn't matter. The price for money, that is interest rates, is going up. You can see it in the back month contracts in the futures market. You can see it in the failed auctions for foreign debentures like the Gilt in the UK. Investors/lenders are demanding a higher rate for loaning out money. The banks may be lending, but it's still a capital desert out there. We were at historical lows, not seen in decades. Folks, it was not always going to stay that way.
Last week, Dick Cheney gave an interview in which he pronounced the Bush regime's economic policy to have done a decent job, and asserted that the financial. banking, and economic crises had only begun in the middle of 2008. In his latest article, Henry C K Liu demolishes Cheney's spin, discussing in detail the onset of the crises in July 2007.
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