Monday I see another report about a young couple that have surmounted the work trap and managed to retire by the age of forty. Well, actually, I didn’t read the article, but that is what I surmise from the headline. From the number of such headlines I would assume that it is an aspiration in the peculiar zeitgeist that passes as the modern world. Why would … [Read more...]
Government Defaults Begin
Wednesday Governments push out credit by means of buying bonds. They pay for the bonds by printing debt notes. On their ledger go the bonds as assets and the debt notes as liabilities. What we know as paper ‘money’ are actually IOUs – the opposite of money. When central banks buy bonds, it drives their price up and makes them less available to other market … [Read more...]