The irredeemable trash of a thousand shinplaster debt factories
Party Poker on LSD
“It’s only this post-Cold War model, where everyone just thinks, well, I've got a right to open a factory in any other country and bring the stuff in. Why? If it destroys American society, destroys American national security - why? And that seems to be the question that's being asked, and the policies will start to shift.”
Today’s title comes from an 1862(?) Salmon P. Chase quote (via Jim Grant) about the state of credit at the time. Seems to apply today too.
The second line is from Chris Whalen in the same interview, “That's what crypto is. It's Party Poker on LSD.”
The post photo is from the excellent TV series, Wormwood.
It’s a tragedy what destroying money over the past 50 years has done to young people.
"The Fed will be put under pressure to monetize the debt to keep interest rates from rising."
Ben Bernanke on monetizing the debt, 2012:
"No, that's not what is happening, and that will not happen. Monetizing the debt means using money creation as a permanent source of financing for government spending."
Mr. HENSARLING. Will the Federal Reserve monetize this debt?
Mr. BERNANKE. The Federal Reserve will not monetize the debt.
[FUTURE FRONTLINE NARRATOR]: In reality, they had monetized the debt.
"Don't tell me what he said, tell me what he does."
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