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By A Smith (anonymous) | Posted March 11, 2009 at 13:01:17
JonC >> This is where the last decades of global growth were derived
Printing money doesn't create growth, just take a look at Zimbabwe, they have 100 billion dollar notes and yet their economy produces less and less in real output every year. Real growth, the kind that people can actually enjoy, HAS taken place over the last couple of decades. We see this growth in the form of new products, such as the Ipod, HDTV's, smaller and cheaper P.C.'s, etc.
Furthermore, just because home prices have fallen, doesn't mean people have necessarily gotten poorer. As long as you didn't refinance and extract every dollar of inflated equity from your home in the boom years, your inflated equity values have simply come back to reality. Furthermore, for people who were conservative, they will now have the chance to buy up assets on the cheap, as long as the government doesn't try to artificially prop up home prices by once again increasing the money supply.
For people who were stupid enough to buy into exotic financial instruments, under the premise that they would eliminate financial risk, this should be a good and painful lesson. From now every should realize that things aren't free, so if it seems to good to be true, it probably is.
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