In reality, economics is not the fiscal rocket-science you make it sound. Capitalism itself is based on good old-fashioned honesty. The money at the heart of it must be both an honest store-of-value and an efficient medium of exchange. It ceases to be so when the inherent deceits of fractional reserve banking allow trillions of false credit to be pumped into the system, thus forcing up prices (booms) which inevitably lead to over-valued commodities (busts).
What happens next is that the banks, having privatised their gains in the good times, simply socialise their losses onto the tax-payer. It’s a crime. Simple as that really.
Telegraph commentator “dionysusreturns“, responding to “Fed fiddles as America slides back into recession” by Ambrose Evans Pritchard, 2012-07-15
July 18, 2012
QotD: Quantitative Easing is institutionalized theft
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