ferguson

Government's New Credit Approach: Does the End Justify the Means?

Peter Schiff's argument only makes sense if one ignores the predatory practices of credit card companies in the pursuit of profit at the expense of responsible lending and borrowing. The rapacious onslaught of commercial forces on the pocketbooks of ordinary Americans has precipitated a catastrophe which, in retrospect, can be seen to have been both inevitable and necessary. The out-of-control consumption machine has been derailed. Perhaps we need to consider a return to living within our means and in harmony with the natural world which we call home. In case anyone doubts the compelling seriousness of the issue, they chould consult the third edition of "Earth From Above," by Yann Arthus Bertrand.

The Bane of Broken Balance Sheets

David,

Great, but very discouraging summary. Question. Has all of this vast expansion of credit and investment bought nothing of value?

What about globalization? If living standards have been raised around the world, is it possible that our vastly expanded productive capacity will eventually find a use?

What about technology? Will the computer revolution, the internet and automated processes in manufacturing raise productivity standards to levels that will make it possible to absorb the losses?

What about the environment? Degredation of the environment probably continues, but at a slower pace and recognition of the need to reverse that trend grows daily. Is it possible that what we are seeing is a world-wide recognition that we need to ratchet down toward a sustainable world?

What about capital? Trillions of dollars have been lost around the world, a few of them mine. Is it possible that we might gradually come around to realize that some things are more important than capital?