Sunday, July 24, 2016

Celebrating 45 Years Of Phony Money
5*
Bill Bonner essay cites estimates by Richard Duncan on world debt at $300 Trillion, up from $200 Trillion before the financial crisis .. "The whole shebang depends on debt. All of this debt is calibrated in 'money,' which is the most extraordinary thing of all. The key to understanding today’s economy is to realize that money isn’t wealth and today’s dollar isn’t even money." .. 1971 is the key date when the dollar changed from being real money to being phony money .. "In the pre-1971 economy, it was Main Street – productive U.S. industry – that produced wealth and accumulated real dollars. After 1971, it was Wall Street that controlled access to the new counterfeit money – and made sure it captured much of it."
LINK HERE to the essay

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