Thursday, 6 October 2016

Quote of the Day: On credit creation


“What is falsely called insufficient quantity of credit is in reality the scarcity of goods in the world. Credit expansion is an attempt to paper over this problem. Loss-making firms sustained through the issue of fiduciary media are artificial forms of life, consume accumulated savings, and impoverish society. Credit per se does not fund productive activity.”
~ Robert Blumen, from his article ‘Real Bills, Phony Wealth


No comments:

Post a Comment

1. Commenters are welcome and invited.
2. All comments are moderated. Off-topic grandstanding, spam, and gibberish will be ignored. Tu quoque will be moderated. Links to bogus news sites (and worse) will be deleted.
3. Read the post before you comment. Challenge facts, but don't simply ignore them.
4. Use a name. If it's important enough to say it, it's important enough to put a name to it.
5. Above all: Act with honour. Say what you mean, and mean what you say.