Keynesian Credit Creation Meets Its Armageddon

Few commentators are aware that the dynamics leading to an inevitable collapse of credit are increasing. When these dynamics begin to unfurl, there is bound to be a global rush out of fiat credit into gold. This is why prescient central banks have been accumulating bullion.

This week, the more observant among us will have detected a fork in the road of credit creation. Major nations are now officially in recession, suggesting that interest rates should be reduced according to the Keynesian playb...