by Brian Maher
“Capitalism was driven by investment, savings, capital accumulation, reinvestment and capital accumulation… But history got in the way…”
In yesterday’s reckoning, economist and author Richard Duncan explained “creditism.” And how it came to replace good old-fashioned capitalism, now dead beyond recall.
World War I forced warring nations off the classical gold standard. The Great Depression and World War II put the final stakes through capitalism. Government spending, based on the expansion of credit-backed money, was the new order of the day.
Thus, creditism was born.