10 months ago
Since 1968 Money has become irrelevant. Forget M1,M2, M3 MZM etc. What matters now is CREDIT. We are in an uncharted era of Creditism.
Under Capitalism, the economic growth dynamic was driven by Investment and Savings.
Under Creditism, it is driven by Credit Creation and Consumption.
Creditism has created unprecedented prosperity around the world, but...
It's on the verge of collapse because the private sector cannot bear any more debt.
The Austrian economists believed that economic cycles are driven by credit expansion; andthat economic booms end in depressions when the credit ceases to expand. They were right!