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
BERNANKE’S CHOICE
For twelve years the US trade deficit financed the US budget deficit and held down US interest rates. From 1996 to 2008, the US trade deficit exceeded the government’s budget
Why Won't Bernanke Come Clean on Glut?
Perhaps the greatest mystery in the world of finance and economics is why Fed Chairman Ben Bernanke refuses to acknowledge that paper money creation by central banks produced the “global
The Great Depression and The New Depression
A worldwide economic depression began in 2008. This New Depression was caused by the same factors as the Great Depression and followed exactly the same pattern. Thus far, however, the
Currency Manipulators Created $7 Trillion, Ca…
The single most important development affecting the global economy over the past decade has been the creation of $7 trillion worth of paper money by central banks in developing countries.
Debt-Financed Trade Caused The New Depression…
The United States trade deficit hit $2 million A MINUTE in 2006. That was the rate ($800 billion that year) at which the US was going into debt to the
What Every American Needs To Understand About…
As the United States debates its economic future in light of large government budget deficits, it is important that the public has a clear understanding of how the economy works.