Booms Contrast with Conservation
By Lance Olsen, Unfiltered 12-15-07
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“Booms,” money and banking authority James Grant calmly observes in his book, Money of the Mind, “have consequences.”
“I have simply tended to be negative about booms,” investments guru Marc Faber told Asiaweek magazine in a February 2001 interview, because booms “easily turn into bubbles that become bigger and go bust.”
In a July, 2001 editorial, The Economist said that “It is no coincidence that the deepest and most protracted recessions in recent decades have taken hold in countries that experienced booms ...”
That same month, Barron’s columnist Gene Epstein said that easy money “helps bring boom and bust in the first place” by making money available to “unsustainable projects.”
Booms contrast with conservation.
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