Deflation is powerful.
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i dont think that the commenters @ prag cap get it. story: i used to work with this dude who was a john birch disciple.the only taxes that were ever taken from his paycheck were fica.old boy harold used to say,”that if everyone were to pay off all their credit cards, the banks would fail”. here we are,deleverging as much as everyone can,and wa-la, here we are,where the banks have taken all this coin, while people were maxing credit cards to the hilt,they took that coin and leverged the hell out of it on housing derivitaves, then they imploded. they will keep imploding as more people move to cash only transactions and not credit cards. now the bernanke finds himself in a real bind because people are shunning the cards,and banks are pretty much insolvent. whats a benjamin to do. he doesnt know, because the consumer doesnt want credit cards,and you cant force people to buy on credit…..now what ben? here’s an idea,native born americans get cash from the fed to stimulate the economy,cause if he turns on the inflation switch consumers will slow down spending even more so……..the american consumer didnt bring on this problem, the banks did, along with greedy real estate agents who were socio paths in all this.