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Herman Daly: The Credit Crisis, Financial Assets, and Real Wealth

Posted Oct 14 2008 4:17am
“Can the economy grow fast enough in real terms to redeem the massive increase in debt? In a word, no.” You can keep piling on interest and creating debt, but you’re fighting a losing battle against a natural force of the universe: entropy. To put it another way, lenders can’t just create wealth out of thin [...]
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