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Free Commentary
Collapse of M3
Spells Deflation
published August 20
There was good news yesterday for all those who mistakenly think inflation is worth worrying about: The U.S. money supply experienced its sharpest contraction in modern history. For the rest of us, this can only spell one thing: ruinous D-E-F-L-A-T-I-O-N. The money supply story was reported yesterday by Ambrose Evans-Pritchard, the London Telegraph’s man-on-the-scene in America. The news is likely to have been reported by the U.S. media as well, although we couldn’t it anywhere else, even on Google’s business page.
Not surprisingly, Google led the section with the by-now smelly red herring about how wholesale prices jumped in July, putting still more “pressure” on the Fed to “decide” whether it should raise interest rates. We’ve been predicting for quite some time that a rate hike was not in the cards, since, even though the Fed talks relentlessly about inflation in order to distract us, Bernanke & Co. recognize full well that deflation – the manifestly uncontrollable force that has been swallowing up the housing and banking sectors – poses a far greater threat to the economy and the financial system than any mere price inflation could.
