September 7 2010: The Infinite Elasticity of Credit, Part I
"Outside water supply, Washington, D.C. Only source of water supply winter and summer for many houses in slum areas. In some places drainage is so poor that surplus water backs up in huge puddles"
Ilargi: Let's start out with a reminder of the interview Jim Puplava did with Stoneleigh. Here’s the info:
Preparing For and Learning to Survive the Coming Perfect Storm - Part 1:.
Choose your preferred audio format:
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For a full transcript of the interview, as well as further reading material, go to Jim Puplava interviews Stoneleigh
Then we have a new Stoneleigh interview for you as well, this one recorded yesterday, September 6, 2010, for Radio Ecoshock by Alex Smith in British Columbia.
There is a lighter, better speed version, and a better quality version. The format for both is MP3.
I was going to get into the BLS non-farm payrolls report, but I’ll gladly give way to Stoneleigh's Part 1 of a series on the history of credit, "The Infinite Elasticity of Credit".
One little factoid from the BLS report that I think merits mentioning, since nobody seems to have noticed it, except for our roving reporter and TAE Twitter/Facebook master VK. That is, the report that was allegedly so much better than expected that the markets rose in cheer abandon, also said that an insanely whopping 800,000 Americans were added to the "Not in Labor Force" statistic:
And remember, despite this, unemployment still went up, to 9.6% (U3) and 16.7% (U6). Only in Bizarro World would that lead to rising markets. In the face of trillions of dollars in stimulus, unemployment numbers are virtually the same they were a year ago, and that only by the grace of the fact that more and more Americans fall off the back of the wagon.
Here’s Stoneleigh (who, incidentally, embarks on a long tour of speaking engagements in the US today, check the agenda on the right hand side of this page on a regular basis for up to date information on locations):
READ FULL POST HERE"Beautiful credit! The foundation of modern society.Mark Twain (1873), The Gilded Age: A Tale of Today
Who shall say this is not the age of mutual trust, of unlimited reliance on human promises?
That is a peculiar condition of modern society which enables a whole country to instantly recognize point and meaning to the familiar newspaper anecdote, which puts into the speculator in lands and mines this remark:
"I wasn't worth a cent two years ago, and now I owe two million dollars."
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