For sure! I LOVE this quote! Best one yet. -- D.M., Bozeman, MT
Absolutely true - without the movement of the individual's money, capital, etc., we would not exist as a (capitalist) nation. -- Odette
UNTRUE -- What do you think humanity did for thousands of years before money was invented? (Answer - Barter) And this is still being used today - even in America! -- John-Douglas, Nassau
Technically, Bonner is right. In today's economic system, the consumer must borrow more money in order to keep creating new money for the economy. If the consumer were self-sufficient, the money supply would contract more and more as debts are paid. And with a fiat currency, contraction of the money supply causes economic slumps and depressions (read: bankruptcies & property confiscation). A huge, growing debt is absolutely necessary to keep the Ponzi scheme going. -- E Archer, NYC
Technically and philosophically Bonner is all wet! Just do what the planners of the Constitution determined was the only real safeguard to the economic prosperity of the Republic. Let the government issue it own debt-free currency. Something like they did in pre-Revolutionary time. The colonies had their own scrip or coinage (silver and/or gold)- and the colonies prospered enormously. Britain tried to take away that prosperity through taxes and forbidding scrip - which is exactly what is happening today. The British-owned Federal Reserve (The Rothschilds of England own 51+ percent of the shares of the Fed)has stolen America's ability to create new wealth by the issuance of fiat currency, which creates an ever-increasing debt. You don't see any silver or gold coinage, or silver or gold certificates (issued by the US government), in circulation these days, do you? The Fed has stolen the silver and gold and shipped it overseas. -- Jodopo, Canada
In defense of Bill Bonner, this quote was spoken with tongue-in-cheek as he is an adamant supporter of hard currencies and an honest money system. Until we turn away from fiat money, his statement is absolutely true. Even if America were to return to hard currency, 99% of the rest of the world's currencies will be fiat -- remember Grisham's Law: Bad money replaces good. -- Editor, Liberty Quotes
+this is exactly the truth in our country people spend untill they are bankrupt
-- kim, destamona
NO NO NO!!!! -- Ben, Orem, UT
Notice how "trapped" everyone is in the system. Is there a way out? Not yet. I give it 3 stars for pointing out the trap, but I don't agree with the conclusion that we're done for. I believe that if the system collapsed tomorrow the sooner we would be back to natural free association again helping each other to survive and provide for mankind before tyrannical government decided to take over from us. -- Anon
He is obviously referring to our credit economy which depends on consumers spending money, or what passes for money these days. -- jim k, austin
Its called Detachment - all I need is some good cheese, old fashion bread, and a good bottle of wine. Here we are giving money back to the same people who didn't know what to do with it in the first place. No wonder we will have riots. I give it one star for humor. -- RBESRQ
One of Bill Bonner's co writers, " The Mogambo Guru" is a very down to earth, very funny guy who knows what he is talking about. His articles are pretty much rants, but they ring entirely true. I'm a big fan. Check him out too.
http://www.dailyreckoning.com/category/the-mogambo-guru/ -- J Carlton, Calgary
If this is true than the system was doomed from the start! -- Anonymous
-- Joanna Parker, Ocean Shores, WA
-- John-Douglas, Nassau
-- Ben, Orem, UT
