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  • Extraordinary Popular Delusions and the Madness of Crowds [View article]
    But you are ignoring that when those bubbles collapsed, the monetary system was based on gold. Not based on a fiat currency like the dollar. Never in history, has a fiat currency gone up in value (deflation) over a long period of time. This time will be no exception.


    On Oct 14 02:49 PM Jasper M wrote:

    > While Mackay's book is indeed a timely title to conjure with, I would
    > remind the author that the collapse of every one of the manias he
    > lists was DEflationary - mass removal of credit, and therefor money
    > supply, from the system, by market forces, usually in Spite of the
    > wishes of those claiming to manage such things.
    Oct 15 14:48 pm |Rating: +1 0 |Link to Comment
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