C. Valis,
As I said, we are seeing the groundwork laid for true despair when
this bubble bursts. Again, isn't capitalism fun?
I hope it's clear that I see *two* two questions here. First, is
this monetarist transmogrification necessary *under capitalism*? - to
which I answer "yes". Second, does it foreshadow disaster - likewise
"Yes." The point is that you can't go back and re-institute or even save
a failed structure. The Keynesian model stagnated (or led to crisis, as
in Japan) because it could not provide capitalism with enough
market-rationalized credit.
peace
