Quote of the Day: ““Time is more valuable than money. You can get more money, but you cannot get more time.”” According to the Austrian liquidity cycle the creation and destruction of liquidity determines, among other things, the cyclical ups and downs of real asset markets (as opposed to goods markets, e.g. GDP). As investors, of course, we are more interested in the asset markets rather than the goods markets, but I think papers and journalists still have not grasped the essential distinction between the two: Keynesian theory is all about fixing goods markets, and for Austrians (minus the “I HATE ALL GOVERNMENT” bit) their focus is primarily on asset markets. I am warming to the Austrian side of things though, and with that mindset I decided to take a look at the Singapore money supply. The first thing to remember about Singapore is that ......