This GATA article is a remarkable summary of the madness that has resulted from bankers going berserk in their greed and need for power and control: Goldman can “print money” faster than the European Central Bank – by using credit default swaps. These were invented by J.P.Morgan in the early 1990s.
So governments are not in the hands of central but private bankers! Both create money out of thin air and sell it as “financial products” for interest payments. Meanwhile, we the people, are supposed to believe economists that money is a medium of exchange to fuel the real economy whose “output” is measured by GDP…
GATA is one of the best sources of information and analysis one may find. And as professional gold investors they are powerful. That includes taking the Fed to court! Imagine us doing that with the Bank of England!… 🙂
Growth, GDP, inflation and other economic terms need to be demystified, if we want to enter an age of economic enlightenment. This includes questioning economics as a social or soft science altogether.
We are not alone in this. See – in chronological order:
Questioning Economic Development is a collection of papers presented at The Other Economic Summit in Houston in 1990
Autisme-Economie.org – English texts from the movement that emerged after French students began to question economic teaching in 2000
Post-Autistic Economics Network – the site that emerged from the original thinkers
Debunking Economics – the book by Australian assistant professor Steve Keen – published in 2001
Heterodox Economics Newsletter – 92 issues since 2004 – edited by a number of US professors, including a world-wide directory
In Economics Departments, a Growing Will to Debate Fundamental Assumptions – an article by The New York Times published in 2007
Priceless: How the Federal Reserve bought the Economics Profession – a leading article in the Huffington Post, the number 1 blog worldwide, on February 9, 2010
Posted in Economics, GDP, Growth, Inflation, Monetary inflation, Price inflation
Tagged Economics, exponential growth, GDP, Growth, monetary inflation, price inflation