Mish Shedlock offers an essay by a contributor...
By the way, this system was generally the norm for centuries before the period after WW II. We assume that what has been the norm in our lifetimes is the only way it should be or can be. We have the colossal mess because we have allowed ourselves to be taken over by the rentier mentality, which always leads in the extreme to unserviceable debts, extreme wealth and income concentration, and economic and social crises and collapse.
Very well said. The article is
full of goodies and well worth a click...
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