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From Capitalism To Creditism

  • The Federal Reserve was no longer constrained in the amount of Money it could create. Its assets increased 100 times between 1970 and 2022.
  • It became very much easier for the government to finance its borrowing.  So, government debt skyrocketed from $400 billion in 1970 to $33 trillion in 2023.
  • International Trade no longer had to balance.  This has allowed the United States to buy $15 trillion worth of goods from other countries on Credit since 1970.
  • And Credit Growth soared.  The Total Credit extended to all sectors of the US economy expanded 100-fold, from $1 trillion in 1964 to $100 trillion today.

But Capitalism didn’t survive.

Creditism is not Capitalism.

It works very differently.

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