“The private control of credit is the modern form of slavery.”
Upton Sinclair
Continue reading “QUOTES OF THE DAY”
QUOTES OF THE DAY
Tag: Credit
How Donald Trump Goes Broke …
A Fake Economy
AIKEN, South Carolina – Aiken is battened down. The wind is blowing hard… dark clouds race across the sky… trash bags tumble down the main street. “This is tornado weather,” said a local resident. “You better be ready to run.”
From poor to rich and back? Read on …
Photo credit: Enrique Ramos Lopez
No cyclone appeared. Meanwhile, in the stock market, prices went down and then back up, ending the day up 53 on the Dow. Commentators in the press said the turnaround was the result of news from the oil industry.
“Oil pulls out of dive…” was the start of a headline in USA Today. Last year, when oil was in the $50 range and diving, rising oil prices would have been regarded like a visit from Count Dracula on a stormy night.
Expensive fuel sucked the blood out of the consumer economy, said the experts. Now, by some magic, oil is only half of last year’s level, but the rising price of oil is considered good news.
The Day the ATMs Run Out …
Guest Post by Bill Bonner
Receding Tide
Please remember this warning when you go to the ATM to get cash… and there is none! While we were thinking about what was really going on with today’s strange new money system, a startling thought occurred to us.
Our financial system could take a surprising and catastrophic twist that almost nobody imagines, let alone anticipates. Do you remember when a lethal tsunami hit the beaches of Southeast Asia, killing thousands of people and causing billions of dollars of damage?
Well, just before the 80-foot wall of water slammed into the coast an odd thing happened: The water disappeared. The tide went out farther than anyone had ever seen before. Local fishermen headed for high ground immediately. They knew what it meant. But the tourists went out onto the beach looking for shells!
The same thing could happen to the money supply: Cash could evaporate suddenly and disastrously – just before we drown in it.
Photo via toastmagazine.net
Credit Money
Here’s how … and why:
If you look at M2 money supply – which measures coins and notes in circulation as well as bank deposits and money market accounts – America’s money stock amounted to $11.7 trillion as of last month. But there was just $1.3 trillion of physical currency in circulation – about only half of which is in the US. (Nobody knows for sure.)
Continue reading “The Day the ATMs Run Out …”
PEAK CREDIT
Off the microphone of RE
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Aired on the Doomstead Diner on May 11, 2014
Snippet:
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..For many years since around 2000 or so, there has been quite a bit of discussion about the idea of Peak Oil, which many people interpreted as the idea we would RUN OUT of oil to fuel the industrial machine that our society is currently based on. Not just Oil, but the other fossil fuels like Coal and Natural Gas we extract to keep the machine running. The machine is vast and complex, it includes everything from the electrical generating plants that supply electricity to the pumps that pull water up from aquifers to deliver to suburban homes and farms to the sewage systems that remove the waste to the trucks that deliver the goods to the Carz that ship everyone around willy nilly every day from home to school, to work and to the local Fast Food restaurant.
We’re not running out of this stuff in absolute terms, there is a ton of it still left in the ground. What we are running out of is the easily accesible stuff which for a good while here came a bubblin’ up out of the ground practically for free, like on Jed Clampett’s old farm before he headed for Beverly Hills, upon Cashing Out on the farm to the Rockefellers and Standard Oil…
For the rest, LISTEN TO THE RANT!
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