re: <<As for the "stock market bubble, frenzied money supply expansion, manic borrowing,
and bogus economic numbers" - since these are subjective impressions, they do not
deserve any criticism, IMHO.>>
"There is one cause, and only one cause, of
all panics and depressions in the economic world. That cause is debt. Credit is debt. If
you can imagine a commonwealth in which nobody owed anybody else, and where the
commonwealth owed no exterior commonwealth, it would follow that, though there would be
lean times and fat times?and although the individual would fare better under some
conditions than others; yet if no credit had been extended, which is the same as saying
no debt had been contracted, there would be nothing to cause a panic or bring a monetary
or exchange depression. It is the fear of capital for its safety that precipitates a
panic, and it is the attendant rush to cancel debt that brings about the ensuing
depression." |
