Financial Repression Authority
APR 27, 2017
In this video Richard Duncan addresses the reasons why the state of the global economy is in the mess that it is in and explains "Creditism replaced Capitalism when money ceased to be backed by gold nearly five decades ago."
I coined the term ‘Creditism’ to describe an economic system driven by credit creation and consumption, in contrast to Capitalism, which was driven by investment and savings. Creditism replaced Capitalism when money ceased to be backed by gold nearly five decades ago. But Creditism requires Credit growth to survive. The evidence presented in this video suggests that Creditism is in crisis globally because Credit is no longer increasing fast enough to drive global growth, even with record low interest rates. It is not possible to understand the global economic crisis without taking account of the exhaustion of Creditism.”
– Richard Duncan