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Pittsburg, Kansas | That is Bastiat's "seen".
The "unseen" is what would have happened if Volker had not done what he did. It would have been worse long term, but done differently the status quo might have continued for a few more years.
That is the unprecented experiment of excess debt growth we are trying today. We could have had a "Volker moment" in 2008 and brought debt back in line and sustainability. This time it was chosen not to. That is why I said we will get to see how it turns out differently "this time". It is easy for us to armchair quarterback (myself included) and say what the play should have been. But we will never know how it would have turned out differently because that play was never made. It might have been better, it might have been much worse.
Careful what you wish for. Sometimes unanswered prayers are the best kind, because we do not always understand what we wish for and the consequenses thereof.
John | |
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Financial sector expansion.
