The top five credit card companies have banned the use of their credit to purchase cryptocurrencies. This is very telling. The banks are concerned that the use of such credit is going to an unsafe investment. Credit cards are meant for consumer purchases, not investments. Much of the Bitcoin phenomenon has been made up of…
Mainstream economics is adamant against looking at debt as something that can grow exclusive from a society’s ability to carry it. There have been few who have bothered to even conduct an investigation. Usually one has to look at socialists or lunatic fringe rightists to get any kind of questioning. Even then, the rightists tend…
Eric Morath of the Wall Street Journal notes that this post-Great Recession period is the slowest, least effective recovery in modern economic history.[1] “In terms of average annual growth,” he writes, “the pace of this expansion has been by far the weakest of any since 1949.”[2] The Economic Policy Institute agrees with his assessment, as…
How is finance killing the economy? Credit is a powerful tool of capitalism. It can be used to stimulate economic growth, or it can be used to deter capital investment by shifting money creation into the Finance, Insurance, Real Estate (FIRE) sector. The latter will inevitably cause the economic system to go into crisis.
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