Stockman Scott's Political Debate Porch Message Board

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Politics : Stockman Scott's Political Debate Porch

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To: crdesign who wrote (10220)	12/10/2002 10:30:53 AM
From: Jim Willie CB	Read Replies (6) of 89467

key takeaway point from Russell: <<Since the beginning of 1998 the US under the Greenspan Fed has produced $9.1 trillion of credit market debt. And what has all that debt generated? It's generated Gross Domestic Product of about $2 trillion. In other words, it's taking about $4.5 trillion in bank credit to produce $1 trillion in GDP. Economically, we're running up the down escalator.>> this comes directly out of the Austrian School textbook fully 76% of the US GDP derives now from debt service not interest, but payment to principal and interest on debts we have spun our gears so much with debt that now must issue 4.5x the debt per economic activity unit !!! we are perilously close to breakdown full article: 321gold.com / jim p.s. brillo pad on your backside

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