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S Chun-Li

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S Chun-Li

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Re: NewMoney post# 1355

Sunday, 10/19/2008 6:37:09 PM

Sunday, October 19, 2008 6:37:09 PM

Post# of 2917
Of course peak oil isnt to blame for the credit crisis.

1) Modern govts abused the fractional reserve banking system to live off debt.

2) Modern govts debt grew so big that the interest became large enough to be a problem. IE they had to get into more debt to pay their debts off. Like using one credit card to pay off another.

3) Modern govts brought interest rates down due to their own aforementioned debts, and resulting liquidity set off a huge asset bubble mainly in housing, but latterly in commodities.

4) The bubble is now doing what bubbles do.
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