"It is undisputed that the greater part of the escalating mortgage borrowing in the US and other Anglo-Saxon countries has been for purposes other than house purchases. This has radically changed the economy's pattern of growth.
Yet, a recently published survey article by the St Louis Federal Reserve concluded that: "We find little indication that booms were caused by excessive growth of money and credit. The view that monetary authorities can cause asset market speculation by failing to control the use of credit has been largely discarded." The complacency of the central banking fraternity and their academic lap dogs is a wonder to behold."
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"It is undisputed that the greater part of the escalating mortgage borrowing in the US and other Anglo-Saxon countries has been for purposes other than house purchases. This has radically changed the economy's pattern of growth.
Yet, a recently published survey article by the St Louis Federal Reserve concluded that: "We find little indication that booms were caused by excessive growth of money and credit. The view that monetary authorities can cause asset market speculation by failing to control the use of credit has been largely discarded." The complacency of the central banking fraternity and their academic lap dogs is a wonder to behold."