7/20/10

Why have US consumers increased debt by almost $400 billion in less than a year?

Human beings are… of two persuasions
the first would spend tomorrow what they earn today
the second would spend today what they hope to earn tomorrow


From this…arise all conflicts that lead to economic crises
to panics, depressions, violent and revolutionary transfers of wealth
and perhaps most wars


Freeman Tilden



There is no means of avoiding the final collapse of a boom
 brought on by credit expansion


The question is only whether the crisis should come sooner
 as a result of abandonment of credit expansion
 or later as a final and total catastrophe of the currency system involved


Ludwig von Mises

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