Woods and Brimelow Question

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I have read Peter Brimelow’s review and believe that it was respectful, and that he was on the money when he said that Wall Street did not want to hear the truth. Indeed, no one in New York or Washington wants to hear it.

As for his question about monetary expansion and prices, I agree with Tom. We saw a huge surge of consumer products from China and elsewhere, with prices kept artificially low by the Chinese exchange policies. Furthermore, we have seen developments in retailing, transportation, and telecommunications that have substantially lowered costs and made it easier for firms to charge low prices and still make profits. (Or, USED to make profits.) So, Tom provides a good and solid answer to that question.

10:05 pm on February 23, 2009
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