[A-List] RE: Sabri's questions

[Hudsonmi at aol.com]

Dear Sabri,
       It seems to me that the business cycle is over. Every recovery since 
World War has started with a much higher level of debt than the preceding one. 
This secular rise in debt or "credit" is like driving with the brakes on. It 
is a form of overhead, or "debt pollution."
       Hence, a theory of credit based on the "cycle", presumably 
self-correcting so as to preserve equilibrium (a fatal hope of neoclassical theorists) is 
not very helpful.
       Michael
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