Thursday, July 10, 2008

Apocalypse Now

Granddad, Tell How Capitalism Committed Suicide: Mark Gilbert

Granddad looked up from the fire he was stoking with bundles of 2006 and 2007 vintage mortgage-backed bonds. ``In a way, Joel, yes. In developed countries, people got too greedy, especially bankers, and everyone borrowed too much. In less developed countries, people racing to improve their living standards reawakened the slumbering inflation monster.''

Posted by sold out @ 07:14 AM (596 views)
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3 thoughts on “Apocalypse Now

  • “With banks and mortgage lenders going bust faster than the government could arrange bailouts, every nut job with an Internet connection started demanding a return to something called the gold standard. When a bunch of academics joined in by denouncing fiat currencies, the general public lost all trust in money.”

    Sound Familiar anyone?

    Great piece from Mark Gilbert.This one i believe follows on from a piece he wrote in June 07, Granddad, Did You Believe in Central Banks Once?: Mark Gilbert.

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  • Benny may claim it was suicide….but I believe it was murder…or at least negligent homicide.

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  • Hit and Run

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