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... at least not in a functional sense. Like any other type of liquidity, the ability to generate new purchasing power for large capital market transactions is permissive rather than being a driving force.

In terms of the driving forces, it is the asset bubble that explains the growth in M3 money.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Sun Oct 7th, 2007 at 04:43:01 PM EST
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