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I can hardly wait to understand what you are talking about! I never meant to suggest that the supply of credit was the main driver of credit expansion. I think the demand for credit is the main driver. So, tell me what state is the credit in?

Roark, it appears that the framers of the U.S. Constitution and the evolution of the Common Law had a more jaundiced view of debt slavery than our modern government does....if you default on a government guarantee as a citizen then, you get no clean slate, you remain a slave to that debt...

Martinghoul, that is a fine rebuttal...the article writer is defending her own book. I did not say that the argument was dispositive. I suggested that it had a reasonable legal basis...which you don't seem to refute. My point is that there is a basis to argue. You should also consider that...

Good to see a post from you. Best I can tell, inflation is always caused by private credit expansion. Money supply increase and interest rate modulation do not of themselves cause credit expansion...so, I agree that they have 'transmission' problems.

Martinghoul, you always have responsible comment but I am not sure your conclusion about Iceland being bound by its membership in the EEA is accurate. EU law by its nature is never clear and is always open to a great deal of flexibility between the Commission directives and the individual...

So, why is it in the best interest of all the Icelandic people to collectively divert a portion of their future earnings to repay the British and Ductch governments for amounts that those governments unilaterally advanced to thier own citizens, after those citizens made thier own private...

Iceland is doing better than Ireland presently...at least its GDP is not still declining...so, who got bailed out? The Iceland President didn't approve the deal to pay back U.K. and Netherlands $5B at 3.3% interest starting in 2016 and running through 2046...but he didn't reject it either...it...

It appears that Capgemini, who publishes the World Wealth Report in collaberation with Merrill Lynch/BofA disagrees with the Spectrem Group that you cite to. I will not take the time to examine the different methodologies and figure out the discrepency...I think the issue is silly in the first...

The only thing worse than your math is your facts. The World Wealth Report for 2010 reports that there are 10M world millionaires, measured by household net worth. This of course does not mean that they can afford to make a 1M 'gift' without wiping themselves out. Why call for a gift? Why...

Bearice, are you 12 years old? Do really think we 'give' this to them?

Interesting post Psy, I'll check out your authors. I am not familar with them...too bad they are not writing on this site. I don't really understand you mean with your reference to demographics. Can you elaborate on that a little with some specific examples to explain your meaning? The...

Many of you have suffered my commentary before, so I apolgize for repetition...but this seems like a new post on the old subject....maybe there will be a new response.... 'Hyperinflation' is a deflationary event. It occurs when sovereign credit deteriorates and the sovereign cannot sell its...

Nobody knows what your point is because you write and copy silly and superficial things. What do you think we could get for all our nuclear weapons, rockets, plains, tanks, helicopters, satellites, ships and foreign bases? Maybe we could find your treasure, looking where all that smoke is...

Good points. Don't look at GDP as real growth metric though, its a spending metric that is highly impacted by inflation, its surrogate mother...QE, and its bastard cousin...Government deficit spending. Confusing GDP metric with real growth is at core of demand side policy failure.

Mithos, I agree with almost everything you said above...not surprising, I guess since you said more than once that you agree with most of my analysis! There are couple of points that I would like to comment on though. Todays, value of Gold owned by the U.S. Treasury is only about $347.5...

But at $1,329 per oz, the 8,966 tons of gold owned by the U.S. Treasury is only worth about $347.5B (Treas. carries it on books at book value of about 11B), and I think the accumulated government debt is close to 15T.

Steven, the distinction was only important to make the point, now beleaguerred, that companies are made of humans and it is not legitimate to think of them as "in-human" any more than it is to think of the Government as "in-human." This does not mean that they, as creations of man comprised of...

So, what is your point? Are you suggesting that corporations behave like people?

I don't do anything shady, but the circumstance you sarcastically allude to, happens all the time...its called a 'no contest' plea, and otherwise it is a typical result of a plea bargain...same as for corporate persons.

The law treats corporations as legal 'persons.' What does the Constitution have to do with it. As legal persons they can be charged with crime, they can be sued for damages. The law treats them as people and charges them with the duties and responsibilities as people. They are made up of...