"The entire world economy rests on the consumer;
if he ever stops spending money he doesn't have
on things he doesn't need -- we're done for."
by:
Bill Bonner
Editor of The Daily Reckoning
Date:
April 3, 2003
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Reader comments about this quote:
true
 -- Anonymous     
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     -- Joanna Parker, Ocean Shores, WA      
    For sure! I LOVE this quote! Best one yet.
     -- D.M., Bozeman, MT     
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    Absolutely true - without the movement of the individual's money, capital, etc., we would not exist as a (capitalist) nation.
     -- Odette     
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    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     
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    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     
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    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     
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    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     
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    +this is exactly the truth in our country people spend untill they are bankrupt
     -- kim, destamona     
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    NO NO NO!!!!
     -- Ben, Orem, UT     
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    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     
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    He is obviously referring to our credit economy which depends on consumers spending money, or what passes for money these days.
     -- jim k, austin     
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    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     
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    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     
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    If this is true than the system was doomed from the start!
     -- Anonymous     
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    Speaking of the world's economy - yes. A personal or family economy - could happen.
     -- Mike, Norwalk     
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    Western civilization has a real opportunity to 'wake up' with all the 'education' and information we now have access to. Only those that willfully ignore the plain facts before them will retain their ignorance. But when the collective consciousness is such that large percentages of the people have learned how the covert system of money manipulation is a racket to centralize power into the hands of a few who keep us impoverished and at war with each other, it will start to change. This is a LONG racket that only a few have even been aware of over the last 400 years -- now this knowledge is becoming mainstream even though the mainstream media does its darnedest to keep the propaganda flowing, which is absolutely needed to prop up the illusion. But a daily dose of BS does not fulfill basic needs, and sooner or later, people easily recognize the crappola being broadcast to them and RESPOND with giving the propagandists the facts. In the process, a few more will learn why what they are told does not seem to jive with the reality.
     -- E Archer, NYC     
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    As the gap has widened, after the fall of the building market, The Back bone, carefully broke, by preying upon the greed of mankind. Seeing the market from the inside-out. The corralling of independents. Buy low sell high. Usury well in place. Perpetual oppression. Returning to a gold and or silver base economy does not change the fact of property and payroll tax. As Archer states, a Long time running racket. A 500 year cycle observed. Around the time of the Reformation, then, corrupt powers well in control of Europe, through Threskeia religious practices, seeing the rise of ( the truth of Liberty ) coming to light within the minds of the people. By the time of Translation to a common language, the wave of The Truth of Liberty was unstoppable. Monarchies and their Church clergymen love to put on a good show for the peasants. Same practice we see here today. Now the rise of awareness, seeing the lying and cheating by the church manipulated State. A person is taxed for living and must pay for their sin ! While the State takes the pennies from the dead man's eyes. The Roman empire continues its quest of world domination. Through and by suppression of the Whole Truth.
     -- Ronw13, Yachats Or     
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    Awesome quote! I wonder if this is the same Bill Bonner that used to be mayor of Nashville, TN. If it is, I can see why those hypocrite bastards wanted him out of office. What a brilliant quote & Shalom,
     -- YAHELKANAH, Haiti     
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