Economy "can't be fixed"

Great discussion of "doomed economy of US" and government "boneheads." Both of these guys are great, though they disagree.

I have to explain, at the end Mish says he's a deflationist but that in terms of credit Marc is right that there is room for prices to go higher. The short version is that he believes we are in deflation right now. (I disagree, because I would separate out sinking asset values, and look at the quickly rising consumer prices.) He means that the risk is that banks will start lending, which will unleash the money that the Fed has been "printing." Then voila, hyperinflation. Easy as that. Look back at my posts in January on what that looks like. Yikes!