Tuesday, August 14, 2007

Money blinders

The Economist comes to the conclusion that the west no longer controls worldwide money supply here. I think they are underestimating money supply growth greatly; what about all the counterfeit currency the North Koreans are printing? That won't show up in official reports. The M0 increase may be concentrated in the west so even their assumption that all the growth is in emerging markets may be wrong.

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