Wednesday, May 12, 2010

Fool's gold and the real thing

The catastrophe unfolds: Don Luskin lays it out. When the European Central Bank needs dollars to stave off disaster where are they going to get them? The Fed will print them.

He makes the point that we are in a V-shaped recovery and not a V-shaped expansion. When an objection is raised about how good the numbers look to many Luskin responds, "They were saying the same thing in 1935."

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