terça-feira, novembro 18, 2008

Informação interessante acerca da concentração e da diluição do valor do dinheiro

"In Praise of Savings and Deflation "
"Housing is a levered instrument, which means that prices are a function of financing. For a long time I believed that financing should have no impact on prices but I was wrong -- for goods purchased primarily with debt, price is directly driven by the cost of that financing. Houses would cost much more if you needed to pay in one lump sum. Since credit is money, a collapse in the price of housing is a reduction in the amount of money in the world. When the amount of money in the world goes down, the value of the remaining money goes up -- the money has been concentrated. The $20K you have in the bank is looking much better now that houses cost $100K instead of $300K.
Alternatively, when money (credit) expands, the value of the money that was there to begin with goes down (the old money is getting diluted). Houses now cost $300K again, and your $20K savings account is too puny again. D'oh!"
Por isso é que quem tem dívidas deve ter muito medo da deflação. Então as empresas, com a facturação a baixar por unidade vendida e no agregado... oops!

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