Posts Tagged ‘credit’

“Inflation is the creation of money and credit beyond the savings rate.  You see, the real impact of this new money comes when it enters the banking system.” -Porter Stansberry

Household Debt Reaches New Peak Driven by Gains in Mortgage, Auto, and Student Debt
The CMD’s latest Quarterly Report on Household Debt and Credit reveals that total household debt achieved a new peak in the first quarter of 2017, rising by $149 billion to $12.73 trillion—$50 billion above the previous peak reached in the third quarter of 2008. Balances climbed in several areas: mortgages, 1.7 percent; auto loans, 0.9 percent; and student loans, 2.6 percent. Credit card balances fell 1.9 percent this quarter.” -Federal Reserve Bank of New York

When J.P. Morgan (the man) was called to testify before Congress about the ‘money trust’ and asked to explain why some firms received credit and some firms didn’t, he famously explained that the first test of any loan was the character of the man borrowing the money.” -Porter Stansberry

“All of the perplexities and confusion and distress in America arises from the downright ignorance of the nature of coin, credit, and circulation.” -John Adams 1829

Debt Level

Posted: May 26, 2016 in Money Matters
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“Student debt, car loan debt, credit card debt… they’re all at their highest levels in history.” -Porter Stansberry

“In a normal, healthy economy, people work, save, invest, and build real wealth one dollar at a time.  But today’s dollar is different.  And the economy is different, too.  It runs on credit, not real savings, and builds debt – not wealth.” -Bill Bonner

Anticipated Work

Posted: February 20, 2016 in Money Matters
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“Money based on credit – the anticipation of work, not work that has already been done.” -Bill Bonner