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Why So Much Debt?

No follow-through in stocksno bounce in gold. Stocks near an all-time high. Gold approaching its low for this cycle.

The famous economist, John Maynard Keynes, explained the importance of credit as ‘a link between the present and the future’. That’s what that ‘intertemporal’ is all about. In a nutshell, your parents and the insiders get the new credit. You get the old debt.

In short, a federal court ruled against us. It said we didn’t have standing to sue. That was when Will and other youngsters faced $1.7 trillion of federal debt. Now, there’s 10 times more. Economist Richard Duncan thinks it will go over $30 trillion before the whole thing blows up.

Why so much debt? Because it is the way the insiders transfer real wealth from you to them. The financial industry loans you money for houses, cars, you name it. And — in the case of mortgages — the loan will be backed by Fannie Mae.

Source Daily Reckoning

 

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