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Two Ways to Deleverage an Economy

Two Ways to Deleverage an
Economy
by Bill Bonner

The dumb money is fairly easy to spot. It’s the money
that always shows up late to the party, wearing
yesterday’s fashions. It watches TV and thinks the
reality shows show reality…it thinks Ben Bernanke
is a great economist…that the SEC protects investors
from fraud and misrepresentation…and that Tim
Geithner makes sure the economy keeps running
smoothly.

It’s the dumb money that thinks you can correct
a generation-long period of credit growth in 24
months…with less than 10% unemployment…
Stocks have now been in a rally for three months.
The longer this goes on, of course, the dumber money
gets. People come to think the bounce is a permanent
bull market.

Yesterday, not much happened. Stocks held steady.
Oil too. Gold fell $8…closing at $952. And the dollar
rose to $1.39 per euro.
But while the dumb money has its eyes on the stock
market, the smart money is watching the economy.
Unemployment has risen to 9.4 million in the United
States. Experts think the rate of job losses is slowing.
But month after month, more and more people are not
collecting wages. Instead, they’re coming to rely on
handouts from the government. The press reports that
one in every six Americans is now on some form of

To See More Of This Article Pull Up http://www.infinitebanking.org/BankNotes/2009-07.pdf

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