WILLIAM BONNER + ADDISON WIGGIN ~ THE NEW EMPIRE OF DEBT ~ 2006 + 2009

~ NFISLATIOGSFN ~ No Fraud Is So Lovable As The Illusion Of Getting Something For Nothing

~ ASB‘SN’ ~ America Soon Became “Shareholder Nation”

~ SSPNRITSS-GNALUTLPLTOLITOW ~ Supply-Side Policies Never Really Increased The Supply Side – Government Never Actually Lightened Up To Let People Live Their Own Lives In Their Own Ways

~ AAEM-TICBMAMET ~ As An Empire Matures – The Imperial Citizens Believe More And More Extravagant Things

~ TLOTDATDOTUWBI-I-ATSTMWCITHAN ~ The Lessons Of The Dead And The Desires Of The Unborn Were Both Ignored – Instead – All That Seemed To Matter Was Consumption In The Here And Now

~ TTWTTFJBCSTM;TTT-A-TOTTMHBUTITFHBAIFONMCD ~ The Trouble Was That The Facts Had Been Corrupted So They No Longer Told The Truth – And – The Old Theories That Might Have Been Used To Interpret The Facts Had Been Abandoned In Favor Of New More Convenient Delusions

~ ACNRUAMDATW-STNT ~ Americans Could Now Run Up As Much Debt As They Wanted – Said The New Theorists

~ AOSIPOWAATDTATOE-IWH-TS-IWG-IWS ~ Abuse Of Statistics Is Part Of What Allowed Americans To Deceive Themselves About Their Own Economy – It Was Healthy – They Said – It Was Growing – It Was Stable

~ IWOTAWBTTAI-TAETSMTIEIID-BTTFAEWTSS ~ It Was Obvious To Anyone Who Bothered To Think About It – That An Economy That Spends More Than It Earns Is In Decline – But Try To Find An Economist Willing To Say So

~ AF-HCFG-IILBTFTKW ~ At First – Higher Consumption Feels Good – It Is Like Burning The Furniture To Keep Warm

~ RTALABTDFTWRTWA-TCPATUSFRDFT-HTCKEWLRSALAICENHNBE ~ Rather Than Allow Lenders And Borrowers To Decide For Themselves What Rates They Would Accept – The Central Planners At The U.S. Federal Reserve Decided For Them – How They Can Know Exactly What Lending Rate Such A Large And Infinitely Complex Economy Needs Has Never Been Explained

~ MIF ~ Modern Imperial Finance

~ GAID ~ Globalization And Its Discontents

~ TEOHHBAST-B-TNSTA ~ The End Of History Has Been Announced Several Times – But – It Never Seems To Arrive

~ WARNWNASB-BACSB-PWS-BOC-NFP ~ What America Really Needed Was Not A Consumer Binge – But A Capital Spending Boom – People Were Spending – But On Consumption – Not Future Production

~ CDRTIHLIH-TEWTIBAOTW-A-TTTUSFTWLCTIBD ~ Consumer Debt Rose To Its Highest Level In History – The Effect Was To Inspire Bubbles All Over The World – And – To Transform The United States From The World’s Largest Creditor To Its Biggest Debtor

~ UTDC-YNKQWYA-B-FEITCA-TADOEIRTPI-A-ALHTPIRTBI ~ Until The Disaster Comes – You Never Know Quite Where You Are – Because – For Every Imbecility That Comes Along – There Are Dozens Of Eager Intellectuals Ready To Promote It – And – At Least Half The Population Is Ready To Believe It

~ MEBWNLNF-TTTIRHMMGTTGU ~ Many Economists Believed We No Longer Needed Factories – They Thought The Information Revolution Had Many More Good Things To Give Us

~ NBHPBETBSMIT-BP-NBHSMITST ~ Never Before Had People Been Expected To Believed So Many Impossible Things – But, Perhaps – Never Before Had So Many Impossible Things Seemed True

~ FDB ~ Fin De Bubble

~ TBHT;IDBTTTTTBWI ~ They Believed Happy Things; It Didn’t Bother Them That The Things They Believed Were Impossible

~ AIHLALOMIOB-TPCWUTNOCA ~ After Investors Have Lost A Lot Of Money In One Bubble – They Practically Can’t Wait Until The Next One Comes Along

~ AGP ~ Americans Get Poorer

~ TCC ~ The Coming Correction

~ NBTDNE ~ Nothing Begins That Does Not End

~ PL-MF&CT-EWIFT ~ People Love – Myth, Fraud, And Claptrap – Especially When It Flatters Them

~ WYMLTPWCPTMB-TIOACOSDA ~ When You Make Loans To People Who Can’t Pay The Money Back – Trouble Is Only A Couple Of Standard Deviations Away

~ NPL ~ Nobel Prize Losers

~ TFIWWC-B-IWJDWIAD-SFFTM ~ The Financial Industry Was Widely Criticized – But – It Was Just Doing What It Always Does – Separating Fools From Their Money

~ NIETSTAS ~ Nobody Is Easier To Scam Then A Scammer

~ IWASKOLF-CWTCD ~ It Was A Strange Kind Of Laissez-Faire – Capitalism Without The Creative Destruction

~ IABS-TSWEOATAWNANMTPZ-ISOALATAENCTCTPMTTOO-AIAPS-TFOITSDVW ~ In A Broad Sense – The Social Welfare Economies Of All The Advanced Western Nations Are Nothing More Than Ponzi Schemes – It Survives Only As Long As There Are Enough New Contributors To Cover The Promises Made To The Old Ones – As In Any Ponzi Scheme – The First Ones Into The System Do Very Well

~ TWSIBD-MLICBR-TEODIC ~ The Whole System Is Breaking Down – Mostly Likely, It Cannot Be Repaired – The Empire Of Debt Is Collapsing

~ CB-AEK-A-R&S ~ Central Bankers – As Everyone Knows – Are – Rascals And Scalawags

~ IIETBSTTBG-TWTASMSP-ASFGO ~ It Is Easier To Be Smart Than To Be Good – That’s Why There Are So Many Smart People – And So Few Good Ones

~ TNGSTHNRWF-TVOTG-O-TFOTG-TDTWOTD-ALUTUWD ~ The Newest Generation Seems To Have No Regard Whatever For – The Virtues Of Their Grandparents – Or – The Futures Of Their Grandchildren – They Disregard The Wisdom Of The Dead – And Load Up The Unborn With Debt

~ B-C-W-TIPCM ~ Bread – Circuses – War – The Imperial Program Costs Money

~ TLTRS-TMPBCTTWNC-ALATCBDB-WNHMSOI? ~ The Longer Things Remain Stable – The More People Become Convinced That They Will Never Change – As Long As The Camel’s Back Doesn’t Break – Why Not Heap More Straw On It?

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