Money and Finance
- Richard Duncan Quotes
Another longer excerpt from The New Depression (taken from my Kindle highlights, so the excerpts aren’t necessarily the paragraphs I have put them in below, and there may be things in between that I didn’t highlight). I've been posting a lot of...
- Richard Duncan Quote
“$50 trillion of credit did more than make the United States prosperous; it fundamentally transformed the structure of its economy. It caused the focus of economic activity to shift from producing goods to providing services, and, finally, to speculation.”...
- 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 quotes
“Credit did more to the U.S. economy than make it grow. It also radically changed its composition.
Credit allowed America to buy all the manufactured goods it desired from abroad and credit financed the procurement of services at home. It could be argued that credit creation became the country’s most important industry and debt its principal export.”
–Richard Duncan, The New Depression
- Richard Duncan Quotes
Another longer excerpt from The New Depression (taken from my Kindle highlights, so the excerpts aren’t necessarily the paragraphs I have put them in below, and there may be things in between that I didn’t highlight). I've been posting a lot of...
- Richard Duncan Quote
“$50 trillion of credit did more than make the United States prosperous; it fundamentally transformed the structure of its economy. It caused the focus of economic activity to shift from producing goods to providing services, and, finally, to speculation.”...
- 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...