The short answer to this question, we think, is yes. This is not a conclusion we are happy to reach, but facts are facts. Neither the laws of economics -- and their are such laws -- nor the principles of simple arithmetic can be annulled, regardless of the depth or breadth of wishful thinking. A renewed flooding of the financial system and of the economy with fiat money and with government debt will, in the final analysis, serve merely to protract the forthcoming depression, while rendering it less acute at any given moment in time, we believe.
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