Money and Finance
- Richard Duncan Quote
“In recent decades, the usefulness of the quantity theory of money as a tool for analyzing changes in the economy has broken down because the extraordinary expansion of credit has made money irrelevant in comparison. The money supply is no longer the...
- Richard Duncan Quote
Kyle Bass made a similar point to the quote below on page 5 of his latest letter. “There is a limit to how much debt an economy can bear. That limit is determined by the economy’s ability to generate sufficient income to service the debt. Exhibit...
- Richard Duncan Quote
...
- Richard Duncan Quote
“Credit-induced boom and bust cycles are not new. What makes this one so extraordinary is the magnitude of the credit expansion that fed it.” –Richard Duncan, The New Depression ...
- Richard Duncan Quote
“When the United States removed the gold backing from the dollar in 1968, the nature of money changed. The result was a proliferation of credit that not only transformed the size and structure of the U.S. economy but also brought about a transformation...
Money and Finance
Richard Duncan quote
“In 1968, the ratio of credit to gold was 128 times and the ratio of credit to the money supply was 2.4 times. By 2007, those ratios had expanded to more than 4,000 times and 6.6 times, respectively. Notice, also, the extraordinary expansion of the ratio of credit to GDP. In 1968, credit exceeded GDP by 1.5 times. In 2007, the amount of credit in the economy had grown to 3.4 times total economic output. ” –Richard Duncan, The New Depression
- Richard Duncan Quote
“In recent decades, the usefulness of the quantity theory of money as a tool for analyzing changes in the economy has broken down because the extraordinary expansion of credit has made money irrelevant in comparison. The money supply is no longer the...
- Richard Duncan Quote
Kyle Bass made a similar point to the quote below on page 5 of his latest letter. “There is a limit to how much debt an economy can bear. That limit is determined by the economy’s ability to generate sufficient income to service the debt. Exhibit...
- Richard Duncan Quote
...
- Richard Duncan Quote
“Credit-induced boom and bust cycles are not new. What makes this one so extraordinary is the magnitude of the credit expansion that fed it.” –Richard Duncan, The New Depression ...
- Richard Duncan Quote
“When the United States removed the gold backing from the dollar in 1968, the nature of money changed. The result was a proliferation of credit that not only transformed the size and structure of the U.S. economy but also brought about a transformation...