The Ten Trillion Dollar Milestone
A milestone on the road to economic ruin was reached last week. Total Foreign Exchange Reserves topped $10 trillion. That means central banks have created the equivalent of $10 trillion
Helicopter Money
A great deal can be learned about the government’s response to this crisis, as well as the mistaken policies that necessitated it, by analysing a speech delivered by Ben Bernanke
The Corruption Of Capitalism, Preface to the …
Preface to the 2011 Edition of The Corruption of Capitalism [Now available on Kindle and NOOK] From the early 1980s, debt-fuelled consumption in the United States drove global economic growth
An Interview with Richard Duncan on China, Eu…
The following interview was published in THE EDGE SINGAPORE on May 30, 2011 By ASSIF SHAMEEN Richard Duncan, author of the seminal The Dollar Crisis: Causes, Consequences, Cures, an international
Credit Growth Drives Economic Growth, Until I…
The single most important thing to understand about economics in the age of paper money is that credit growth drives economic growth. Before the breakdown of the Bretton Woods international
China: Every Boom Busts
Since the beginning of the Industrial Revolution, every economic boom has been followed by an economic bust. The bigger the boom, the bigger the bust. Over the past 20 years,
Birth Of The Debt Culture
Once US dollars ceased to be convertible into gold at the beginning of the 1970s, there was no longer any constraint on the amount of dollar-denominated debt that could be
A New Economic Paradigm
Since the 1980s, a culture of debt has arisen in the United States. That change was the consequence of a misguided trade policy that gave rise to a current account
The Loose Cannon Credit Crisis
Starting in the 1970s, international credit flows began to destabilize the global economy. One country after another was plunged into crisis as dollar-denominated credit from abroad produced short-term booms followed
ABANDONED PRINCIPLES
There should be no confusion as to the origins of the global economic crisis that began in 2008. This crisis was set in motion in the 1960s, when policymakers in