Face The Music: Road Back To Prosperity Is Through Shared Sacrifice

Face The Music: Road Back To Prosperity Is Through Shared Sacrifice, Not Government Stimulus; Case Against Fractional Reserve Lending

by noreply@blogger.com (Mike Mish Shedlock)

John Mauldin posted an extraordinary interview by Kate Welling of Dr. Lacy Hunt, the chief economist of Hoisington Investment Management.

Dr. Lacy Hunt correctly identifies fractional reserve lending as the culprit behind the massive rise in debt. Hunt also explains why government spending cannot help, why Europe is in worse shape than the US, why a US recession is coming, and why Ben Bernanke is an exceptionally poor student of the great depression.

The entire PDF is a lengthy 29 pages, but well worth a read in entirety.

Here are some pertinent snips from "Face the Music".