Kreditism istället för Kapitalism.. Richard Duncan förklarar

Richard Duncan förklarar:

"Capitalism, or growth by honest savings, investment and production -- perished in the late '60s as the Bretton Woods system crumbled. Creditism, a system that relies on ever-increasing credit and consumption for growth, emerged in its stead.

The transition was subtle. As Richard explains, after World War II, the Federal Reserve was required by law to maintain a 25% gold backing for all of the dollars issued. That served as a check on the number of greenbacks the Fed could conjure into existence.

That is, until the "guns and butter" policies of Lyndon Johnson and Richard Nixon. They needed to spend more than the gold standard allowed them to. So they leaned on Congress to nix the law requiring gold backing altogether, essentially giving a carte blanche to the Fed."

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