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Saturday, 25 November 2017

The Surest Sign Of Inflation & Investor Insanity

A continual rise of stock prices cannot be explained by improved conditions of production or by increased voluntary savings, but only by an inflationary credit [money] supply. - Fritz Machlup

For the short story behind this, see The Stock Market As A Leading Recession Indicator.

For a more complete story, see my book Money Cycles: The Curse of an Elastic Money Supply                   

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