What a crock of bank-purchased BS.
Financials leech off the economy so they can collect bogus interest on counterfeit paper. They don’t contribute a single real product, they are parasites on productivity. An economy functions better without complex financials, that has been proven and re-proven countless times over the course of history. The Industrial Revolution [...]
We’re in jeopardy primarily because we mismanaged the use of debt so as to accelerate economic growth. Bubbles are created by unsustainable borrowing. Leverage creates a rosier picture than underlying fundamentals warrant. When asset prices move too far from replacement value, the game of passing the buck stops. Subtract the debt leverage and the downside [...]
It’s like he was a fortune teller from 100 years ago, predicting scenarios that lead to this.
http://www.reformation.org/jackson_farewell_message.html
an excerpt (albeit lengthy)
The paper system being founded on public confidence and having of itself no intrinsic value, it is liable to great and sudden fluctuations, thereby rendering property insecure and the wages of labor unsteady [...]
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