I’ve often suggested tuning out money-supply definitions of inflation and focusing instead on credit, which has been collapsing. Thus far, however, the collapse has been more than offset by the Federal Government’s expansion of the money supply, according to Frank Shostak, an economist whose work we have featured here before. In a recent article written for Mises Institute, Shostak explains how deflation could arise from a further fall in credit, but only if the credit that is imploding is of the type that has been created out of thin air. Click here to access the article.
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