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Because housing is not affordable numerous affordable housing programs appear causing still more unwarranted housing demand.

Student loans soar to “help” the students.

The Fed prints money and holds rates too low.

Monetarists act on the theory falling prices are a bad idea.

Rather than admitting that simple and obvious fact, Monetarists propose the solution is still more monetary printing which will do nothing but create even bigger asset bubbles. The real problem is monetary inflation artificially jacked up the prices of assets (homes, cars, equities) upon which unsustainable loans were made. Pritchard and others will note that falling home prices will slow bank lending and consumer credit. Why does that happen? Because of the very central bank polices espoused by Monetarists like Pritchard. The problem is not that wages are too low, but rather costs rise faster than wages. It would also be great if Walmart could directly compete with banks on financial services. I hope Walmart enters the health-care business in a big way. Instead they blame allegedly evil corporations like McDonalds and Walmart.Īctually, the world needs more Walmarts. People do not blame the Fed, nor do they blame economic illiterates like Pritchard. Hardly anyone ever points out the fact that wages have not kept up with inflation precisely because the Fed has done exactly what Pritchard wants. People want $15 an hour for standing behind a cash register and handing you a sack of the worst food money can buy. Force prices higher and the more it takes to keep up with them. Of course “living wages” are a moving target. As a result, people now bitch and moan about “living wages”. Pritchard’s solution is the same as that of many charlatans before him: Force prices up. In other words, people buy when bargains are many and stop buying when bargains are few.

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People continue to upgrade TVs, computers, monitors as they wear out, or simply because prices are lower and quality is up since they last bought. Every Christmas, shoppers line up for bargains. They have to heat their homes.īut there is also no evidence consumers will hold off for long on discretionary spending either. They have to buy clothes when they wear out. They have to buy gasoline for their cars. Pritchard clings to the centrally bad idea that falling consumer prices will cause consumers to perpetually delay purchases. The only way France cannot “ kowtow to the contraction polices of the eurozone” is if France leaves the eurozone.

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Pritchard knows full well France is bound by eurozone policies. Pritchard complains “ French President François Hollande must now pay the price for kowtowing to the contraction polices of the eurozone.“ He ignores the fact that falling consumer prices do not stop consumers from buying anything. He ignores the fact that consumers desperately need falling prices. He ignores the fact that QE did not bring inflation to Japan. Pritchard ignores the fact that equity prices are back in bubble land. The European Central Bank can lift the entire EMU system off the reefs by launching a monetary blitz to meet its own M3 growth target of 4.5pc.“ Pritchard bemoans the horrors of falling prices and says “ There is a technical solution to this.

Walmart action packer