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“There is no means of avoiding a final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion or later as a final and total catastrophe of the currency system involved.” – Ludwig von Mises . . . → Read More: This Country Defaulted Long Ago, By James Quinn The debt ceiling is a legal cap on the amount of money the Treasury can borrow to fund existing government functions. It essentially authorizes the Treasury to borrow the money necessary to pay the bills incurred by the federal government. . . . → Read More: Everything You Need To Know About The Debt Ceiling In One Post, By Ezra Klein & Dylan Matthews While “experts” assure us that the economy is slowly emerging from recession, a growing camp of well-informed dissenters thinks not. The scant evidence of recovery, insists this group, is not an anomaly but the sign of a profound sea change. The End of Growth, one book unequivocally calls it, next to a cover image of a burst balloon and a pin. The book’s author, Richard Heinberg, makes his case by far the most eloquently and comprehensively—and though it may be a decidedly unwelcome one for those now struggling, that doesn’t detract from its validity. . . . → Read More: Book Review: “The End of Growth”, By Richard Heinberg, Reviewed By Frank Kaminski You Can’t Kill A Planet And Live On It Too: An Interview With Derrick Jensen By Frank Joseph SmeckerLet’s expose the structure of violence that keeps the world economy running. With an entire planet being slaughtered before our eyes, it’s terrifying to watch the very culture responsible for this – the culture of industrial civilization, fueled by a finite source of fossil fuels, primarily a dwindling supply of oil – thrust forward wantonly to fuel its insatiable appetite for “growth.” . . . → Read More: You Can’t Kill A Planet And Live On It Too: An Interview With Derrick Jensen By Frank Joseph Smecker With peak oil, what is likely to happen is that the default rate on existing debt will rise, so many people who own bonds (or other debt instruments) will discover that they are worth less than they thought, perhaps nothing. And banks and insurance companies and pension plans will discover that quite a few of their assets aren’t what they thought–they will never be repaid with interest. . . . → Read More: The Relationship Between Peak Oil and Peak Debt, Part 2, By Gail Tverberg Peak oil tends to cause peak debt. Some will argue with me about this, because they believe it is possible to decouple economic growth from energy growth, and in particular oil growth. As far as I am concerned, though, this decoupling is simply an unproven hypothesis–the normal connection is that a flattening or decline in energy supply causes a slowdown or actual decline in economic growth, and this slowdown causes a shift from an increase in the amount of debt, to a decrease in the amount of debt, as it did for US non-governmental loans in 2009 and 2010 . . . → Read More: The Relationship Between Peak Oil and Peak Debt, Part 1, By Gail Tverberg |
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