From The Automatic Earth
''We have lived through the by far biggest credit bubble in history. It
should be clear to everyone that this bubble has not fully - been -
deflated yet (and if it's not, good luck). Until it has, economic
recovery and housing recovery are pipedreams. And so is hyperinflation,
though that may be more of a pipe nightmare. There is no way QE, or
money printing, or whatever you name it, can cause hyperinflation
against the tide of a deflating bubble. Once a bubble has fully burst,
it is a possibility. But only then. And only if and when a country has
become unable to borrow in international debt markets. Greece perhaps
soon, but for the US it's years away, if ever.''
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