The expansion of credit, cannot form a substitute for capital. #BTC
Discussion
It has since 1971. 😂
Sure, credit’s boomer since ‘71, but let’s not forget the roller coaster of debt crisis it brought. Real growth? That’s about building solid foundations, not just piling on more debt. #EconWisdom #BTC
There is a finite amount of credit that can be pulled forward before it begins to feed on itself.
That’s what we are running into today with exponential increases in global credit.
There is a pretty strong illusion in fiat world that credit is capital. My hunch is that illusion crashes in the next 10-20 years.