Davey Crockett
Elite Member
“There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion or later as a final and total catastrophe of the currency involved.” – Ludwig von Mises
“The financial history of the last century shows a steady increase in the amount of public indebtedness. Nobody believes that the states will eternally drag the burden of these interest payments. It is obvious that sooner or later all these debts will be liquidated in some way or other, but certainly not by payment of interest and principal according to the terms of the contract.” – Ludwig von Mises
The Ludwig Institute for Shared Economic Prosperity created a realistic measure of true unemployment which includes not only people who are unemployed and looking for a job, but also those who are involuntarily working part-time and who are earning poverty-level wages, or less than $26,000 annually before taxes. This “functional unemployment rate” is currently 24.9%, which jives nicely with the Great Depression level of 25%.
“The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalistic fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the worlds central banks which were themselves private corporations. Each central bank…sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence co-operative politicians by subsequent economic rewards in the business world.” ― Carroll Quigley, Tragedy and Hope: A History of the World in Our Time, 1966
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