John Glover of Bloomberg (as cited on theautomaticearth.blogspot.com) said
What the inflationistas are missing is that Europe is actually suffering from a profound contraction of its money supply. This contraction is crippling the banking system and will bring the economy to a grinding halt if it is not allieviated.
It’s easy to miss the contraction of the money supply because it involves a destruction of financial assets that we do not usually think of as “money” but that, in fact, operate as money — or did until relatively recently.
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