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主题:北京土地财政面临破产? -- SkyWalkerJ

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家园 money multiplier tends to be

very high during booming expansive period, but shrank fast during banking crisis and financial panic.

It happened in America in 1929-1933 and in 2006-2009.

China's high inflation was driven by both credit demand (multiplier effect) as well as USD dollar reserve buildup (base money effect).

投机分子索罗斯一辈子的经验总结

--he hit ASEAN hard by squeezing them in both factors--capital outflow (base money fall) and credit expansion collapsed (multiplier effect).

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