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Joined: 2002/12/11
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"Pilgrim and Sojourner." - 1 Peter 2:11

 US credit shrinks at Great Depression rate

[b]US credit shrinks at Great Depression rate[/b]

Both bank credit and the M3 money supply in the United States have been contracting at rates comparable to the onset of the Great Depression since early summer, raising fears of a double-dip recession in 2010 and a slide into debt-deflation.

Professor Tim Congdon from International Monetary Research said US bank loans have fallen at an annual pace of almost 14pc in the three months to August (from $7,147bn to $6,886bn).

"There has been nothing like this in the USA since the 1930s,"
he said. "The rapid destruction of money balances is madness."

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SI Moderator - Greg Gordon

 2009/9/26 13:23Profile

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