Deflation it is… Ellen Brown’s Web of Debt..

A previously (to me) unknown analyst/researcher.

As is also pointed out by Steve Keen in his brilliant essay “The Cavaliers of Credit“, Ms Brown concurs that it is banks that front run money creation through securitization of debt boosted by the magic of fractional reserve banking. The Fed merely follows suit. But now, the securitizaton market is broken so an essential component of the credit creation machine is absent. Thus, whatever money the Fed may be creating through debt monetization the amount is dwarfed by the amount of outstanding credit that now must be either paid off or written off.

http://www.webofdebt.com/articles/quantitative_easing.php

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