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News Link • Government Debt & Financing

James Howard Kunstler: Weimar Meets Waterloo

The money part is not so hard to understand. When the dynamism wanes in a hypertrophic system, money can no longer be created. Real money, that is. Money that means something, a trustworthy medium of exchange, in a system where borrowers reliably pay back loaned money. All the current money fiascos underway around the world, old and new, western and eastern, are just dumb-shows put on to conceal the fact that money is not being paid back. Real wealth is contracting - even as the smaller pool of remaining wealth moves magnetically to the centers of power. We will never solve this American debt crisis. We're going broke fast and it will be like falling down a long staircase.

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