35 years ago in reason.

• Position: Citings - Brief article

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"The alchemists of today (often known as 'new economists') haven't found the philosophers' stone either--but they have found a substitute: the Keynesian stone. It turns gold into paper."

--Eugene Guccione, "Gold: Yesterday, Today, and Tomorrow"

"The deterioration of the banking balance sheet is so severe that only a huge liquidation of credit would restore normal liquidity relationships. Given the unwieldy debt load of corporations and individuals and the precarious financial condition of both sectors, such a credit liquidation would become cumulative. Banks have no choice but to continue to help their clients become more deeply mired in debt in order to keep the system from...