Quote:
Originally Posted by TheDoc
The credit markets have been far worse than they are today, far far worse, far far more strict, far far far far far higher interest rates. From housing, to credit, to the inflation, all of it has been worse.
We have SOOOooOOo much more to go before we even catch the 80's, and even more before the 60's...
Thinking this eco can't function without credit is utterly stupid. It should be able to fully function WITHOUT ANY CREDIT, like it has before. It's the free market, and if you can't cut it, you work for someone else that can...
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This economy is based on credit. Just look at the core of the system. Our government borrows money from the reserve. Our government pays interest on that loan. That IS credit. That money is then dispersed and fractional reserve kicks in. Where each succession of a loan generates more credit/money. Think about it... this all started with sub prime loans, which make up a very small percentage of all loans. So how can such a small percentage of loans tank an entire global economy? CREDIT/fiat currency.
The first part of this movie give an overview of the current situation, the last part gets more into theology type stuff with society if you interested in that type of stuff...
http://video.google.com/videoplay?do...05277695921912
Yes, there have been worse times. But this is just the beginning.