Friday, January 7, 2011
If we want growth, we need to use credit. Everybody knows this.
If we want stable prices, we have to limit the quantity of money. Everybody knows that.
What everybody seems to miss is that the things we do all the time -- limiting the quantity of money, and using more credit -- can only lead to excessive debt that we just don't have the money to pay off.
Posted by The Arthurian at 12:00 PM