Turning Hard Times Into Good Times

The meltdown of the financial sector in 2008 took the world by surprise. yet credit crises have been part of the human experience since before the birth of Christ. Even in the best of times of the Roman Republic, a span of about two centuries, there were about a half-dozen credit crises. However, with the detachment of money from an asset base like gold or silver, the sharp line of demarcation between money and credit has practically dissolved. With currency created at the click of a mouse--or produced in quantity when a central bank credits its balance sheet in exchange for government debt, mortgages, or the equally formless currency of other nations--an era of endless money was born. The current system is on the verge of breaking down as socialism is funded with printing press money. Debt is growing much faster than income. Does this suggest a hyper-inflationary or deflationary depression? William Banker will opine and prescribe a remedy for our defunct banking system.